Recent Livestock Analysis
Market Commentary: China Buying Sends Corn to Contract High; Livestock Futures Retreat
CBOT markets continue to rebound from last week’s selloff with soyoil leading the way and corn posting a new contract high overnight. Canola futures rallied again to new contract highs, which helped the CBOT soy complex firm on Wednesday. Wheat was the laggard of the CBOT with traders usi...
China In-Country Analysis
Macro Trends China’s Ag Investment Lags, Slows Rural Development Goals As reported by the China rural economy blog, Dims Sums, the central government is desperately seeking to increase investment in the ag sector to prop up rural economies. China’s Ministry of Agriculture and Rural...
Market Commentary: Export Demand and Fund Buying Lifts CBOT
Export demand and a resurgence of fund buying sent CBOT corn, wheat, and soy complex futures sharply higher on Tuesday. The recent correction, whether driven by Chinese fund liquidation, margin calls, or profit taking, looks to have done its job of chasing out weak longs and stimulating commerc...
January Cold Storage Report
The January Cold Storage report continues to reflect the impact of surprisingly strong domestic and export demand for pork while covid-19 related restaurant lockdowns restrict chicken breast demand. Total meat and poultry supplies are down 10.7 percent from 2019, with total beef st...
Market Commentary: Commercial Buying Lifts CBOT; Corn, Soybeans Try to Forge Sideways Ranges
Friday’s selloff at the CBOT found aggressive end-user and commercial pricing activity on Monday. Markets traded lower overnight but triggered notable buying action as prices hit key support levels. The subsequent rally in the day session left the market with the feeling that near-term lo...
Pork Demand Clears Out Freezers of Inventory
USDA released its monthly Cold Storage report today. Pork in cold storage as of 31 December was 408.361 MMT, 97 percent of November and 70 percent of December 2019, led by drops in primal cuts virtually across the board. That is good news for hog producers given the disruptions of 2020 –...
Summary of Futures
Mar 21 Corn closed at $5.115/bushel, up $0.11 from yesterday's close. Mar 21 Wheat closed at $6.485/bushel, up $0.14 from yesterday's close. Mar 21 Soybeans closed at $13.435/bushel, up $0.3175 from yesterday's close. Mar 21 Soymeal closed at $429.6/short ton, up $8 from yeste...
Cattle on Feed
U.S. Cattle on Feed for the slaughter market in U.S. feedlots with capacity of 1,000 or more head totaled 12.0 million head on January 1, 2021. The inventory was slightly above January 1, 2020. Placements in feedlots during December totaled 1.84 million head, 1 percent above 2019.&nb...
Summary of Futures
Mar 21 Corn closed at $5.005/bushel, down $0.2375 from yesterday's close. Mar 21 Wheat closed at $6.345/bushel, down $0.2625 from yesterday's close. Mar 21 Soybeans closed at $13.1175/bushel, down $0.585 from yesterday's close. Mar 21 Soymeal closed at $421.6/short ton, down $...
CFTC COT Report Analysis
The attached PDF offers graphical depiction and seasonal analysis of managed money and commercial traders' net position in key agricultural commodity markets. The data is, of course, taken from the CFTC's weekly Commitment of Traders report, using the futures only data. WPI recently comp...
Market Commentary: CBOT Tumbles on Fund and Technical Selling
Trade was one-sided at the CBOT on Friday with aggressive selling the theme of the day. The markets opened on the defensive as expected, with funds lightening up on what had become burdensome long positions. That weakness accelerated into the noon hour and sell-stops were triggered as corn and...
Cattle on Feed: Placements Higher than Expectations
USDA released its Cattle on Feed report today, conforming with pre-report expectations. The inventory of cattle in feedlots with a capacity of 1,000 head or more was 12 million head, the same as 1 January 2020 inventory. December placements were above the pre-report average...
Market Commentary: China Buying Sends Corn to Contract High; Livestock Futures Retreat
CBOT markets continue to rebound from last week’s selloff with soyoil leading the way and corn posting a new contract high overnight. Canola futures rallied again to new contract highs, which helped the CBOT soy complex firm on Wednesday. Wheat was the laggard of the CBOT with traders usi...
China In-Country Analysis
Macro Trends China’s Ag Investment Lags, Slows Rural Development Goals As reported by the China rural economy blog, Dims Sums, the central government is desperately seeking to increase investment in the ag sector to prop up rural economies. China’s Ministry of Agriculture and Rural...
Market Commentary: Export Demand and Fund Buying Lifts CBOT
Export demand and a resurgence of fund buying sent CBOT corn, wheat, and soy complex futures sharply higher on Tuesday. The recent correction, whether driven by Chinese fund liquidation, margin calls, or profit taking, looks to have done its job of chasing out weak longs and stimulating commerc...
January Cold Storage Report
The January Cold Storage report continues to reflect the impact of surprisingly strong domestic and export demand for pork while covid-19 related restaurant lockdowns restrict chicken breast demand. Total meat and poultry supplies are down 10.7 percent from 2019, with total beef st...
Market Commentary: Commercial Buying Lifts CBOT; Corn, Soybeans Try to Forge Sideways Ranges
Friday’s selloff at the CBOT found aggressive end-user and commercial pricing activity on Monday. Markets traded lower overnight but triggered notable buying action as prices hit key support levels. The subsequent rally in the day session left the market with the feeling that near-term lo...
Pork Demand Clears Out Freezers of Inventory
USDA released its monthly Cold Storage report today. Pork in cold storage as of 31 December was 408.361 MMT, 97 percent of November and 70 percent of December 2019, led by drops in primal cuts virtually across the board. That is good news for hog producers given the disruptions of 2020 –...
Summary of Futures
Mar 21 Corn closed at $5.115/bushel, up $0.11 from yesterday's close. Mar 21 Wheat closed at $6.485/bushel, up $0.14 from yesterday's close. Mar 21 Soybeans closed at $13.435/bushel, up $0.3175 from yesterday's close. Mar 21 Soymeal closed at $429.6/short ton, up $8 from yeste...
Cattle on Feed
U.S. Cattle on Feed for the slaughter market in U.S. feedlots with capacity of 1,000 or more head totaled 12.0 million head on January 1, 2021. The inventory was slightly above January 1, 2020. Placements in feedlots during December totaled 1.84 million head, 1 percent above 2019.&nb...
Summary of Futures
Mar 21 Corn closed at $5.005/bushel, down $0.2375 from yesterday's close. Mar 21 Wheat closed at $6.345/bushel, down $0.2625 from yesterday's close. Mar 21 Soybeans closed at $13.1175/bushel, down $0.585 from yesterday's close. Mar 21 Soymeal closed at $421.6/short ton, down $...
CFTC COT Report Analysis
The attached PDF offers graphical depiction and seasonal analysis of managed money and commercial traders' net position in key agricultural commodity markets. The data is, of course, taken from the CFTC's weekly Commitment of Traders report, using the futures only data. WPI recently comp...
Market Commentary: CBOT Tumbles on Fund and Technical Selling
Trade was one-sided at the CBOT on Friday with aggressive selling the theme of the day. The markets opened on the defensive as expected, with funds lightening up on what had become burdensome long positions. That weakness accelerated into the noon hour and sell-stops were triggered as corn and...
Cattle on Feed: Placements Higher than Expectations
USDA released its Cattle on Feed report today, conforming with pre-report expectations. The inventory of cattle in feedlots with a capacity of 1,000 head or more was 12 million head, the same as 1 January 2020 inventory. December placements were above the pre-report average...