Recent Livestock Analysis
Market Commentary: Soyoil Collapses on Global Vegoil Weakness; Dakota Rains Again Pressure Grains
Weaker technical conditions, limit-down soyoil, and more rains for the Dakotas conspired to push the CBOT sharply lower on Friday. Thursday’s WASDE should have been supportive for corn, but overnight rains in the northern Plains gave bulls pains. Today concludes the index fund roll, which...
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...
Summary of Futures
Jul 21 Corn closed at $6.845/bushel, down $0.145 from yesterday's close. Jul 21 Wheat closed at $6.8075/bushel, down $0.03 from yesterday's close. Jul 21 Soybeans closed at $15.085/bushel, down $0.355 from yesterday's close. Jul 21 Soymeal closed at $383.3/short ton, up $1.7 f...
Market Commentary: That Was Fun
The markets started the day bullishly for corn and soybeans but with losses in wheat. Post the USDA WASDE report things changed. Larger soybean stocks flipped that market red but not until after some curious delay. And there was notable bull spreading that split the contracts. Soybeans, meal, o...
Livestock Round Up: Labor and Cattle Markets
JBS is back in the news this week as the company made two announcements; first, that it would be adding 300,000 head of capacity at its Omaha and Grand Island plants and second, that it would be increasing wages. The latter reflects the larger issue right now with beef slaughter – capacit...
Summary of Futures
Jul 21 Corn closed at $6.99/bushel, up $0.0825 from yesterday's close. Jul 21 Wheat closed at $6.8375/bushel, up $0.015 from yesterday's close. Jul 21 Soybeans closed at $15.44/bushel, down $0.185 from yesterday's close. Jul 21 Soymeal closed at $381.6/short ton, down $4.8 fro...
Market Commentary: Spring Wheat Falls on Dakota Rains; Exports Support Corn
The CBOT was primarily focused on the ongoing index fund roll and positioning for tomorrow’s WASDE. Prices opened lower and traded that direction until mid-morning when end-users reentered the market with prices at key levels. Wetter weather across the northern Plains pressured spring whe...
China In-Country Analysis
Macroeconomics Food Inflation Up in May, First Time Since January With live hog and retail pork prices nosediving, food inflation remained in negative territory from February through April. Despite rising prices for vegetable oil, eggs, fresh vegetable, and fresh fruit during that period,...
Market Commentary: CBOT Firms in Consolidative, Pre-WASDE Trade
Monday evening’s crop conditions supported CBOT trade on Tuesday, and the market opened higher overnight and added gains from there. Wheat was an early leader but pared gains by the closing bell while corn and soybeans held their gains, albeit while trading inside days on their charts. Th...
Summary of Futures
Jul 21 Corn closed at $6.8/bushel, up $0.0075 from yesterday's close. Jul 21 Wheat closed at $6.85/bushel, up $0.05 from yesterday's close. Jul 21 Soybeans closed at $15.8/bushel, up $0.1975 from yesterday's close. Jul 21 Soymeal closed at $389.8/short ton, up $2.9 from yester...
Market Commentary: Index Roll Hammers Old Crop Futures; Cattle Fall while Hogs Post New Highs
The CBOT gapped higher at Sunday night’s open after a weekend of hot, dry weather and reductions in the Brazilian corn crop. December corn opened above $6.00 Sunday night and November soybeans opened at $14.54, with both markets scoring major technical wins for bulls. Markets opened stron...
Summary of Futures
Jul 21 Corn closed at $6.7925/bushel, down $0.035 from yesterday's close. Jul 21 Wheat closed at $6.8/bushel, down $0.0775 from yesterday's close. Jul 21 Soybeans closed at $15.6025/bushel, down $0.235 from yesterday's close. Jul 21 Soymeal closed at $386.9/short ton, down $9...
Market Commentary: Soyoil Collapses on Global Vegoil Weakness; Dakota Rains Again Pressure Grains
Weaker technical conditions, limit-down soyoil, and more rains for the Dakotas conspired to push the CBOT sharply lower on Friday. Thursday’s WASDE should have been supportive for corn, but overnight rains in the northern Plains gave bulls pains. Today concludes the index fund roll, which...
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...
Summary of Futures
Jul 21 Corn closed at $6.845/bushel, down $0.145 from yesterday's close. Jul 21 Wheat closed at $6.8075/bushel, down $0.03 from yesterday's close. Jul 21 Soybeans closed at $15.085/bushel, down $0.355 from yesterday's close. Jul 21 Soymeal closed at $383.3/short ton, up $1.7 f...
Market Commentary: That Was Fun
The markets started the day bullishly for corn and soybeans but with losses in wheat. Post the USDA WASDE report things changed. Larger soybean stocks flipped that market red but not until after some curious delay. And there was notable bull spreading that split the contracts. Soybeans, meal, o...
Livestock Round Up: Labor and Cattle Markets
JBS is back in the news this week as the company made two announcements; first, that it would be adding 300,000 head of capacity at its Omaha and Grand Island plants and second, that it would be increasing wages. The latter reflects the larger issue right now with beef slaughter – capacit...
Summary of Futures
Jul 21 Corn closed at $6.99/bushel, up $0.0825 from yesterday's close. Jul 21 Wheat closed at $6.8375/bushel, up $0.015 from yesterday's close. Jul 21 Soybeans closed at $15.44/bushel, down $0.185 from yesterday's close. Jul 21 Soymeal closed at $381.6/short ton, down $4.8 fro...
Market Commentary: Spring Wheat Falls on Dakota Rains; Exports Support Corn
The CBOT was primarily focused on the ongoing index fund roll and positioning for tomorrow’s WASDE. Prices opened lower and traded that direction until mid-morning when end-users reentered the market with prices at key levels. Wetter weather across the northern Plains pressured spring whe...
China In-Country Analysis
Macroeconomics Food Inflation Up in May, First Time Since January With live hog and retail pork prices nosediving, food inflation remained in negative territory from February through April. Despite rising prices for vegetable oil, eggs, fresh vegetable, and fresh fruit during that period,...
Market Commentary: CBOT Firms in Consolidative, Pre-WASDE Trade
Monday evening’s crop conditions supported CBOT trade on Tuesday, and the market opened higher overnight and added gains from there. Wheat was an early leader but pared gains by the closing bell while corn and soybeans held their gains, albeit while trading inside days on their charts. Th...
Summary of Futures
Jul 21 Corn closed at $6.8/bushel, up $0.0075 from yesterday's close. Jul 21 Wheat closed at $6.85/bushel, up $0.05 from yesterday's close. Jul 21 Soybeans closed at $15.8/bushel, up $0.1975 from yesterday's close. Jul 21 Soymeal closed at $389.8/short ton, up $2.9 from yester...
Market Commentary: Index Roll Hammers Old Crop Futures; Cattle Fall while Hogs Post New Highs
The CBOT gapped higher at Sunday night’s open after a weekend of hot, dry weather and reductions in the Brazilian corn crop. December corn opened above $6.00 Sunday night and November soybeans opened at $14.54, with both markets scoring major technical wins for bulls. Markets opened stron...
Summary of Futures
Jul 21 Corn closed at $6.7925/bushel, down $0.035 from yesterday's close. Jul 21 Wheat closed at $6.8/bushel, down $0.0775 from yesterday's close. Jul 21 Soybeans closed at $15.6025/bushel, down $0.235 from yesterday's close. Jul 21 Soymeal closed at $386.9/short ton, down $9...