Recent Livestock Analysis
Market Commentary: Mixed but Friendly
Never understood the market phrase “friendly” – friendly to whom? Today’s market was not too unfriendly to anyone from the standpoint that up or down, there were no dramatic swings. Call it light volatility. Key points: The results were mixed with corn, soymeal, and liv...
Livestock Roundup: Slightly More Hogs and Pigs
USDA released its June quarterly Hogs and Pigs report today. Pre-report expectation was for a total inventory of 73.6 million head – which would have been the smallest September inventory since 2017 - but the actual inventory was 74.3 million, slightly higher than September 2022 and up 2...
Summary of Futures
Dec 23 Corn closed at $4.885/bushel, up $0.0525 from yesterday's close. Dec 23 Wheat closed at $5.7875/bushel, down $0.0075 from yesterday's close. Nov 23 Soybeans closed at $13.005/bushel, down $0.0275 from yesterday's close. Dec 23 Soymeal closed at $391.5/short ton, up $2.4...
Market Commentary: Wheat Crashes on Tender Results; Commercial Buying Lifts Corn
The CBOT was once again mixed with wheat futures dropping to fresh, two-year lows after data from Egypt’s latest tender showed continued weakness in global values. Corn and soybeans, on the other hand, found a bit of strength on commercial buying and, for soybeans, expectations of tighter...
Summary of Futures
Dec 23 Corn closed at $4.8325/bushel, up $0.035 from yesterday's close. Dec 23 Wheat closed at $5.795/bushel, down $0.095 from yesterday's close. Nov 23 Soybeans closed at $13.0325/bushel, up $0.005 from yesterday's close. Dec 23 Soymeal closed at $389.1/short ton, down $3.6 f...
Market Commentary: Worsening Conditions Lift Soy Complex; Cattle Crash on Economic Worries
The CBOT was mixed on Tuesday with the worst late-September soybean ratings since 2003 offering support to soybean futures while further strength in crude oil stopped, temporarily at least, the selling in soyoil. Despite the strength in the soy complex, corn and wheat futures struggled to find...
Hogs and Pigs Report Preview
The Quarterly Hogs and Pigs report for the June-August quarter will be released on Thursday. This is an interesting report as it covers the period in which Prop 12 has been implemented and the only two months so far in the year (July and August) where producers margins have been in black. ...
September Cold Storage Report
August 2023 total red meat and poultry stocks were down from July and were 6.6 percent below August 2022 as beef and pork stocks continue to tighten. Once again, the big shock from the report was the decline in beef supplies that pulled red meat stocks down 15.4 percent from August 2022. Pork s...
Market Commentary: Paris Wheat Lifts CBOT; RINs Tank Soyoil (Again); Mexico Buys 1.6 MMT of Corn
The CBOT was mostly higher to start the week, though fundamental reasons for the rally were few. Russia again attacked Ukraine’s Odesa port infrastructure overnight, which helped Paris wheat futures edge higher and bring support to the U.S. markets. CBOT corn and soybeans were stronger wi...
Summary of Futures
Dec 23 Corn closed at $4.8125/bushel, up $0.04 from yesterday's close. Dec 23 Wheat closed at $5.89/bushel, up $0.095 from yesterday's close. Nov 23 Soybeans closed at $12.9775/bushel, up $0.015 from yesterday's close. Dec 23 Soymeal closed at $389.8/short ton, up $4 from yest...
CFTC COT Report Analysis
New: WPI has added softs (cocoa, coffee, cotton, and sugar) and selected energy futures (NYMEX natural gas, crude oil, RBOB gasoline, and Chicago ethanol) to this report. Consequently, the attached PDF offers graphical depiction and seasonal analysis of managed money and commercial traders' net...
Market Commentary: Defensive for a While Longer
The CBOT tried to recover from Thursday’s blistering selling that was primarily motivated by disappointing export sales and aggressive “risk off” trade. Overnight volume was paltry heading into Friday morning but the soy complex tried to stage a rally. Friday’s trade was...
Market Commentary: Mixed but Friendly
Never understood the market phrase “friendly” – friendly to whom? Today’s market was not too unfriendly to anyone from the standpoint that up or down, there were no dramatic swings. Call it light volatility. Key points: The results were mixed with corn, soymeal, and liv...
Livestock Roundup: Slightly More Hogs and Pigs
USDA released its June quarterly Hogs and Pigs report today. Pre-report expectation was for a total inventory of 73.6 million head – which would have been the smallest September inventory since 2017 - but the actual inventory was 74.3 million, slightly higher than September 2022 and up 2...
Summary of Futures
Dec 23 Corn closed at $4.885/bushel, up $0.0525 from yesterday's close. Dec 23 Wheat closed at $5.7875/bushel, down $0.0075 from yesterday's close. Nov 23 Soybeans closed at $13.005/bushel, down $0.0275 from yesterday's close. Dec 23 Soymeal closed at $391.5/short ton, up $2.4...
Market Commentary: Wheat Crashes on Tender Results; Commercial Buying Lifts Corn
The CBOT was once again mixed with wheat futures dropping to fresh, two-year lows after data from Egypt’s latest tender showed continued weakness in global values. Corn and soybeans, on the other hand, found a bit of strength on commercial buying and, for soybeans, expectations of tighter...
Summary of Futures
Dec 23 Corn closed at $4.8325/bushel, up $0.035 from yesterday's close. Dec 23 Wheat closed at $5.795/bushel, down $0.095 from yesterday's close. Nov 23 Soybeans closed at $13.0325/bushel, up $0.005 from yesterday's close. Dec 23 Soymeal closed at $389.1/short ton, down $3.6 f...
Market Commentary: Worsening Conditions Lift Soy Complex; Cattle Crash on Economic Worries
The CBOT was mixed on Tuesday with the worst late-September soybean ratings since 2003 offering support to soybean futures while further strength in crude oil stopped, temporarily at least, the selling in soyoil. Despite the strength in the soy complex, corn and wheat futures struggled to find...
Hogs and Pigs Report Preview
The Quarterly Hogs and Pigs report for the June-August quarter will be released on Thursday. This is an interesting report as it covers the period in which Prop 12 has been implemented and the only two months so far in the year (July and August) where producers margins have been in black. ...
September Cold Storage Report
August 2023 total red meat and poultry stocks were down from July and were 6.6 percent below August 2022 as beef and pork stocks continue to tighten. Once again, the big shock from the report was the decline in beef supplies that pulled red meat stocks down 15.4 percent from August 2022. Pork s...
Market Commentary: Paris Wheat Lifts CBOT; RINs Tank Soyoil (Again); Mexico Buys 1.6 MMT of Corn
The CBOT was mostly higher to start the week, though fundamental reasons for the rally were few. Russia again attacked Ukraine’s Odesa port infrastructure overnight, which helped Paris wheat futures edge higher and bring support to the U.S. markets. CBOT corn and soybeans were stronger wi...
Summary of Futures
Dec 23 Corn closed at $4.8125/bushel, up $0.04 from yesterday's close. Dec 23 Wheat closed at $5.89/bushel, up $0.095 from yesterday's close. Nov 23 Soybeans closed at $12.9775/bushel, up $0.015 from yesterday's close. Dec 23 Soymeal closed at $389.8/short ton, up $4 from yest...
CFTC COT Report Analysis
New: WPI has added softs (cocoa, coffee, cotton, and sugar) and selected energy futures (NYMEX natural gas, crude oil, RBOB gasoline, and Chicago ethanol) to this report. Consequently, the attached PDF offers graphical depiction and seasonal analysis of managed money and commercial traders' net...
Market Commentary: Defensive for a While Longer
The CBOT tried to recover from Thursday’s blistering selling that was primarily motivated by disappointing export sales and aggressive “risk off” trade. Overnight volume was paltry heading into Friday morning but the soy complex tried to stage a rally. Friday’s trade was...