Recent Livestock Analysis
Market Commentary: Wheat Weather Rally Continues; USDA Cuts U.S. Corn Stocks
The April WASDE featured fewer changes than expected with USDA remaining cautious about increasing U.S. demand expectations. The agency was similarly neutral the South American crops, where most analysts had been expecting production cuts. The market reaction to the April report was mixed with...
Summary of Futures
May 21 Corn closed at $5.7725/bushel, down $0.025 from yesterday's close. May 21 Wheat closed at $6.3875/bushel, up $0.1 from yesterday's close. May 21 Soybeans closed at $14.03/bushel, down $0.1225 from yesterday's close. May 21 Soymeal closed at $401.2/short ton, down $5.6 f...
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 completed a...
Market Commentary: Setting Up Surprise
Traders say they do not like surprises but they seem to be setting up for one tomorrow. There is a lot of room for disappointment when USDA releases its April WASDE report. For 80 percent of the datapoints surveyed by Reuters, the trade expects USDA to give them more bullish numbers (see table...
Livestock Round Up: Feed Prices
Livestock cost of gain is an issue that seemingly is not going away and has heightened the interest in tomorrow’s WASDE report. At current carcass weights, a dollar increase in corn price means about $10 per head for hogs, and for cattle means that cattle will be held back on grass for he...
Summary of Futures
May 21 Corn closed at $5.7975/bushel, up $0.1925 from yesterday's close. May 21 Wheat closed at $6.2875/bushel, up $0.125 from yesterday's close. May 21 Soybeans closed at $14.1525/bushel, up $0.065 from yesterday's close. May 21 Soymeal closed at $406.8/short ton, down $2.3 f...
Market Commentary: Livestock Futures Can’t Stop, Won’t Stop; Grains Chop Sideways
Cattle and hog futures are lodged in massive bullish uptrends that seem to have no end in sight. All three major livestock contracts posted fresh contract highs this afternoon with open interest and trading volume rising as well. In contrast, the grain markets chopped sideways with the day&rsqu...
Summary of Futures
May 21 Corn closed at $5.605/bushel, up $0.0625 from yesterday's close. May 21 Wheat closed at $6.1625/bushel, up $0.0075 from yesterday's close. May 21 Soybeans closed at $14.0875/bushel, down $0.1 from yesterday's close. May 21 Soymeal closed at $409.1/short ton, up $2.7 fro...
China In-Country Analysis
Livestock Live Hog Price Sees Modest Increase in Last Full Week of March The national average live hog price through the week ending 26 March rose slightly by .8 percent to RMB 27.46/kg ($4.18/kg) or RMB 12.45/lb. ($1.90/lb.). Meanwhile, the Dalian live hog futures contracts have seen some siza...
Market Commentary: CBOT Chops Sideways; Livestock Markets Rally
The CBOT started out strong but pulled back on quiet volumes and limited follow-through buying. Buyers are looking at early forecasts for ample grain and oilseed supplies in 2021/22 and see no reason to chase the market higher heading into the April WASDE. USDA’s April report is generally...
Russia and Argentina: Fighter Jets, COVID Vaccines, and Beef
During the administrations of Presidents Marci and Trump, relations between the U.S. and Argentina started to improve. For example, the Trump Department of Commerce accepted Argentina’s petition for a “changed circumstances” review of the countervailing duties placed on import...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA After the problem with the Ever Given in the Suez Canal, the Egyptian government is said to be looking at the possibility of expanding the canal. There has also been some talk of a new canal from the Gulf of Aqaba, through Israel, to...
Market Commentary: Wheat Weather Rally Continues; USDA Cuts U.S. Corn Stocks
The April WASDE featured fewer changes than expected with USDA remaining cautious about increasing U.S. demand expectations. The agency was similarly neutral the South American crops, where most analysts had been expecting production cuts. The market reaction to the April report was mixed with...
Summary of Futures
May 21 Corn closed at $5.7725/bushel, down $0.025 from yesterday's close. May 21 Wheat closed at $6.3875/bushel, up $0.1 from yesterday's close. May 21 Soybeans closed at $14.03/bushel, down $0.1225 from yesterday's close. May 21 Soymeal closed at $401.2/short ton, down $5.6 f...
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 completed a...
Market Commentary: Setting Up Surprise
Traders say they do not like surprises but they seem to be setting up for one tomorrow. There is a lot of room for disappointment when USDA releases its April WASDE report. For 80 percent of the datapoints surveyed by Reuters, the trade expects USDA to give them more bullish numbers (see table...
Livestock Round Up: Feed Prices
Livestock cost of gain is an issue that seemingly is not going away and has heightened the interest in tomorrow’s WASDE report. At current carcass weights, a dollar increase in corn price means about $10 per head for hogs, and for cattle means that cattle will be held back on grass for he...
Summary of Futures
May 21 Corn closed at $5.7975/bushel, up $0.1925 from yesterday's close. May 21 Wheat closed at $6.2875/bushel, up $0.125 from yesterday's close. May 21 Soybeans closed at $14.1525/bushel, up $0.065 from yesterday's close. May 21 Soymeal closed at $406.8/short ton, down $2.3 f...
Market Commentary: Livestock Futures Can’t Stop, Won’t Stop; Grains Chop Sideways
Cattle and hog futures are lodged in massive bullish uptrends that seem to have no end in sight. All three major livestock contracts posted fresh contract highs this afternoon with open interest and trading volume rising as well. In contrast, the grain markets chopped sideways with the day&rsqu...
Summary of Futures
May 21 Corn closed at $5.605/bushel, up $0.0625 from yesterday's close. May 21 Wheat closed at $6.1625/bushel, up $0.0075 from yesterday's close. May 21 Soybeans closed at $14.0875/bushel, down $0.1 from yesterday's close. May 21 Soymeal closed at $409.1/short ton, up $2.7 fro...
China In-Country Analysis
Livestock Live Hog Price Sees Modest Increase in Last Full Week of March The national average live hog price through the week ending 26 March rose slightly by .8 percent to RMB 27.46/kg ($4.18/kg) or RMB 12.45/lb. ($1.90/lb.). Meanwhile, the Dalian live hog futures contracts have seen some siza...
Market Commentary: CBOT Chops Sideways; Livestock Markets Rally
The CBOT started out strong but pulled back on quiet volumes and limited follow-through buying. Buyers are looking at early forecasts for ample grain and oilseed supplies in 2021/22 and see no reason to chase the market higher heading into the April WASDE. USDA’s April report is generally...
Russia and Argentina: Fighter Jets, COVID Vaccines, and Beef
During the administrations of Presidents Marci and Trump, relations between the U.S. and Argentina started to improve. For example, the Trump Department of Commerce accepted Argentina’s petition for a “changed circumstances” review of the countervailing duties placed on import...
Middle East, Mediterranean and Africa Regional Analysis
Regional Updates MEDITERRANEAN/MIDDLE EAST/NORTH AFRICA After the problem with the Ever Given in the Suez Canal, the Egyptian government is said to be looking at the possibility of expanding the canal. There has also been some talk of a new canal from the Gulf of Aqaba, through Israel, to...