Recent Livestock Analysis
Market Commentary: Down on the Day but Some Ups for the Week
Most of the major agricultural commodity contracts opened today’s trading session in the red and stayed that way to the close. Only feeder cattle and lean hogs managed small gains on the day. New contract lows were hit for December soyoil, September SRW and September HRW. Volume was overa...
Summary of Futures
Dec 24 Corn closed at $4.1/bushel, down $0.1075 from yesterday's close. Sep 24 Wheat closed at $5.235/bushel, down $0.1425 from yesterday's close. Nov 24 Soybeans closed at $10.485/bushel, down $0.31 from yesterday's close. Dec 24 Soymeal closed at $324.7/short ton, down $4.5...
June Cold Storage Report
June 2024 total red meat and poultry stocks were up slightly from May but 5.4 percent below June 2023 levels due to sharp declines in poultry and pork stocks. Total poultry stocks were down 7.8 percent year-over-year (YoY) due to reductions in broiler slaughter for the month. Total pork stocks...
Market Commentary: Corn, Soybeans Rise on Weather, Export Sales; Wheat Dips on Yields, Exports
The headline for the CBOT on Thursday was the unexpected surge in soymeal export sales that boosted that market and new crop soybeans to strong gains for the day. Soymeal exports have been a prominent support for the market this year and their recent uptick after December futures fell to near $...
Summary of Futures
Dec 24 Corn closed at $4.2075/bushel, up $0.0275 from yesterday's close. Sep 24 Wheat closed at $5.3775/bushel, down $0.0925 from yesterday's close. Nov 24 Soybeans closed at $10.795/bushel, up $0.155 from yesterday's close. Dec 24 Soymeal closed at $329.2/short ton, up $8.6 f...
Livestock Roundup: Dairy Overview
As of 24 July, there have been 170 cases of HPAI in dairy herds across 13 States with the last being 22 July, in Colorado. The first confirmed case was 25 March Texas. In response to the outbreak, USDA has maintained mandatory testing requirements for lactating dairy cows prior to interstate m...
Market Commentary: CBOT Ends Mixed on Momentum Switch
The CBOT had relatively little fresh news upon which to trade Wednesday, which meant markets were largely at the mercy of fund positioning and existing trends. As equity markets fell sharply for the day and currencies wobbled, traders began looking for safe-haven assets, which helped diminish C...
Summary of Futures
Dec 24 Corn closed at $4.18/bushel, up $0.0075 from yesterday's close. Sep 24 Wheat closed at $5.47/bushel, up $0.0425 from yesterday's close. Nov 24 Soybeans closed at $10.64/bushel, down $0.115 from yesterday's close. Dec 24 Soymeal closed at $320.6/short ton, up $1.5 from y...
Market Commentary: Midwest Heat Concerns Corn, Soybeans; Cattle Finally React to COF Report
After two days of exciting trade, the CBOT settled down a little on Tuesday to reflect more deeply on market fundamentals. Monday’s Crop Progress data was largely reassuring for the major row crops, which helped create more stability in futures for the day. Wheat futures dipped but did no...
Counting Chickens: How Many Layers Are There Really?
At the end of June, there were 97.335 million birds depopulated due to HPAI; more than 75 percent at 73.5 birds, were egg layers. So far this month according to USDA, two more operations in Colorado have depopulated another 3.1 million birds, first on 8 July (1.8 million) and the second on 16 J...
Summary of Futures
Dec 24 Corn closed at $4.1725/bushel, up $0.0225 from yesterday's close. Sep 24 Wheat closed at $5.4275/bushel, down $0.0525 from yesterday's close. Nov 24 Soybeans closed at $10.755/bushel, up $0.0675 from yesterday's close. Dec 24 Soymeal closed at $319.1/short ton, down $0...
Market Commentary: CBOT Rallies as Funds Cover Shorts, Markets Forge Bottom?
The CBOT was mostly higher for the day with the strength originating from the soybean market and spilling over into corn and soybeans. The soybean market derived its strength from new forecasts of hot, dry weather for the U.S. Midwest as the soybean crop approaches pollination and pod filling...
Summary of Futures
Dec 24 Corn closed at $4.15/bushel, up $0.1025 from yesterday's close. Sep 24 Wheat closed at $5.48/bushel, up $0.0525 from yesterday's close. Nov 24 Soybeans closed at $10.6875/bushel, up $0.3275 from yesterday's close. Dec 24 Soymeal closed at $319.4/short ton, up $11.9 from...
CFTC COT Report Analysis
The latest CFTC Commitment of Traders report highlights the ongoing bearish sentiment for oilseed and grain markets with managed money traders remaining massively short agricultural commodities. Perhaps the most notable item in this week’s report was the expansion of the record-large net...
Summary of Futures
Dec 24 Corn closed at $4.0475/bushel, down $0.0025 from yesterday's close. Sep 24 Wheat closed at $5.4275/bushel, up $0.075 from yesterday's close. Nov 24 Soybeans closed at $10.36/bushel, down $0.07 from yesterday's close. Dec 24 Soymeal closed at $307.5/short ton, down $4 fr...
Market Commentary: Mixed Week – How Low Can It Go
Trading opened today’s session mostly in the green, except for feeder cattle, but late in the session corn and the soybean complex turned lower. Notables for the week included new contract lows for: November soybeans December soymeal September SRW September HRW September HRS Weather wi...
Cattle on Feed Report: Inventory Up, Placements and Marketings Way Down
USDA released the monthly Cattle on Feed report today. Total inventory was up as expected, but a big drop in placements and a lower-than-expected volume of marketings made the report bullish. First, let’s look at marketings, which came in only slightly lower than expected, bu...
Summary of Futures
Dec 24 Corn closed at $4.05/bushel, down $0.0675 from yesterday's close. Sep 24 Wheat closed at $5.3525/bushel, down $0.04 from yesterday's close. Nov 24 Soybeans closed at $10.43/bushel, up $0.02 from yesterday's close. Dec 24 Soymeal closed at $311.5/short ton, down $0.6 fro...
Market Commentary: Spring Wheat Rallies on Dry Weather; Soybeans See Large New Crop Export Sales
The CBOT saw a mixed day of trade with corn and soybeans seeing pressure from favorable U.S. weather outlooks and large supply expectations. Soybeans managed to find some support after USDA reported large export sales for 500 KMT of new crop soybeans overnight, the first significant sign of new...
Livestock Roundup: Hog Pressures
Last week, WPI noted in a summer cattle market outlook that 14 percent of the cattle producing regions were in drought, compared to 38 percent last year, with the exception of the southeast cow/calf country where drought is worsening and raises questions about cow culling, heifer retention, and...
Summary of Futures
Dec 24 Corn closed at $4.1175/bushel, up $0.03 from yesterday's close. Sep 24 Wheat closed at $5.3925/bushel, up $0.085 from yesterday's close. Nov 24 Soybeans closed at $10.41/bushel, down $0.0225 from yesterday's close. Dec 24 Soymeal closed at $312.1/short ton, up $2 from y...
Market Commentary: Firmer Trends Continue; Ukraine’s Corn in Jeopardy
The CBOT saw generally quiet, steady trade at mid-week, but many players noted firmer undertones as futures stabilize or start to recover from deeply oversold conditions. Corn and all three wheat futures markets turned higher with cautious bull spreading with the latter market seeing support fr...
Market Commentary: Corn, Soy Post Half-Hearted Reversals; Hogs Extend Nascent Rally
Tuesday’s CBOT trade featured gains in corn and the soy complex with funds casually covering some of their massive short positions amid oversold technical conditions and following Monday’s damage-inducing storms across the Midwest. Conviction was lacking, however, and the day’...
Summary of Futures
Dec 24 Corn closed at $4.0875/bushel, up $0.045 from yesterday's close. Sep 24 Wheat closed at $5.3075/bushel, down $0.0175 from yesterday's close. Nov 24 Soybeans closed at $10.4325/bushel, up $0.0325 from yesterday's close. Dec 24 Soymeal closed at $310.1/short ton, up $1.8...
Market Commentary: Down on the Day but Some Ups for the Week
Most of the major agricultural commodity contracts opened today’s trading session in the red and stayed that way to the close. Only feeder cattle and lean hogs managed small gains on the day. New contract lows were hit for December soyoil, September SRW and September HRW. Volume was overa...
Summary of Futures
Dec 24 Corn closed at $4.1/bushel, down $0.1075 from yesterday's close. Sep 24 Wheat closed at $5.235/bushel, down $0.1425 from yesterday's close. Nov 24 Soybeans closed at $10.485/bushel, down $0.31 from yesterday's close. Dec 24 Soymeal closed at $324.7/short ton, down $4.5...
June Cold Storage Report
June 2024 total red meat and poultry stocks were up slightly from May but 5.4 percent below June 2023 levels due to sharp declines in poultry and pork stocks. Total poultry stocks were down 7.8 percent year-over-year (YoY) due to reductions in broiler slaughter for the month. Total pork stocks...
Market Commentary: Corn, Soybeans Rise on Weather, Export Sales; Wheat Dips on Yields, Exports
The headline for the CBOT on Thursday was the unexpected surge in soymeal export sales that boosted that market and new crop soybeans to strong gains for the day. Soymeal exports have been a prominent support for the market this year and their recent uptick after December futures fell to near $...
Summary of Futures
Dec 24 Corn closed at $4.2075/bushel, up $0.0275 from yesterday's close. Sep 24 Wheat closed at $5.3775/bushel, down $0.0925 from yesterday's close. Nov 24 Soybeans closed at $10.795/bushel, up $0.155 from yesterday's close. Dec 24 Soymeal closed at $329.2/short ton, up $8.6 f...
Livestock Roundup: Dairy Overview
As of 24 July, there have been 170 cases of HPAI in dairy herds across 13 States with the last being 22 July, in Colorado. The first confirmed case was 25 March Texas. In response to the outbreak, USDA has maintained mandatory testing requirements for lactating dairy cows prior to interstate m...
Market Commentary: CBOT Ends Mixed on Momentum Switch
The CBOT had relatively little fresh news upon which to trade Wednesday, which meant markets were largely at the mercy of fund positioning and existing trends. As equity markets fell sharply for the day and currencies wobbled, traders began looking for safe-haven assets, which helped diminish C...
Summary of Futures
Dec 24 Corn closed at $4.18/bushel, up $0.0075 from yesterday's close. Sep 24 Wheat closed at $5.47/bushel, up $0.0425 from yesterday's close. Nov 24 Soybeans closed at $10.64/bushel, down $0.115 from yesterday's close. Dec 24 Soymeal closed at $320.6/short ton, up $1.5 from y...
Market Commentary: Midwest Heat Concerns Corn, Soybeans; Cattle Finally React to COF Report
After two days of exciting trade, the CBOT settled down a little on Tuesday to reflect more deeply on market fundamentals. Monday’s Crop Progress data was largely reassuring for the major row crops, which helped create more stability in futures for the day. Wheat futures dipped but did no...
Counting Chickens: How Many Layers Are There Really?
At the end of June, there were 97.335 million birds depopulated due to HPAI; more than 75 percent at 73.5 birds, were egg layers. So far this month according to USDA, two more operations in Colorado have depopulated another 3.1 million birds, first on 8 July (1.8 million) and the second on 16 J...
Summary of Futures
Dec 24 Corn closed at $4.1725/bushel, up $0.0225 from yesterday's close. Sep 24 Wheat closed at $5.4275/bushel, down $0.0525 from yesterday's close. Nov 24 Soybeans closed at $10.755/bushel, up $0.0675 from yesterday's close. Dec 24 Soymeal closed at $319.1/short ton, down $0...
Market Commentary: CBOT Rallies as Funds Cover Shorts, Markets Forge Bottom?
The CBOT was mostly higher for the day with the strength originating from the soybean market and spilling over into corn and soybeans. The soybean market derived its strength from new forecasts of hot, dry weather for the U.S. Midwest as the soybean crop approaches pollination and pod filling...
Summary of Futures
Dec 24 Corn closed at $4.15/bushel, up $0.1025 from yesterday's close. Sep 24 Wheat closed at $5.48/bushel, up $0.0525 from yesterday's close. Nov 24 Soybeans closed at $10.6875/bushel, up $0.3275 from yesterday's close. Dec 24 Soymeal closed at $319.4/short ton, up $11.9 from...
CFTC COT Report Analysis
The latest CFTC Commitment of Traders report highlights the ongoing bearish sentiment for oilseed and grain markets with managed money traders remaining massively short agricultural commodities. Perhaps the most notable item in this week’s report was the expansion of the record-large net...
Summary of Futures
Dec 24 Corn closed at $4.0475/bushel, down $0.0025 from yesterday's close. Sep 24 Wheat closed at $5.4275/bushel, up $0.075 from yesterday's close. Nov 24 Soybeans closed at $10.36/bushel, down $0.07 from yesterday's close. Dec 24 Soymeal closed at $307.5/short ton, down $4 fr...
Market Commentary: Mixed Week – How Low Can It Go
Trading opened today’s session mostly in the green, except for feeder cattle, but late in the session corn and the soybean complex turned lower. Notables for the week included new contract lows for: November soybeans December soymeal September SRW September HRW September HRS Weather wi...
Cattle on Feed Report: Inventory Up, Placements and Marketings Way Down
USDA released the monthly Cattle on Feed report today. Total inventory was up as expected, but a big drop in placements and a lower-than-expected volume of marketings made the report bullish. First, let’s look at marketings, which came in only slightly lower than expected, bu...
Summary of Futures
Dec 24 Corn closed at $4.05/bushel, down $0.0675 from yesterday's close. Sep 24 Wheat closed at $5.3525/bushel, down $0.04 from yesterday's close. Nov 24 Soybeans closed at $10.43/bushel, up $0.02 from yesterday's close. Dec 24 Soymeal closed at $311.5/short ton, down $0.6 fro...
Market Commentary: Spring Wheat Rallies on Dry Weather; Soybeans See Large New Crop Export Sales
The CBOT saw a mixed day of trade with corn and soybeans seeing pressure from favorable U.S. weather outlooks and large supply expectations. Soybeans managed to find some support after USDA reported large export sales for 500 KMT of new crop soybeans overnight, the first significant sign of new...
Livestock Roundup: Hog Pressures
Last week, WPI noted in a summer cattle market outlook that 14 percent of the cattle producing regions were in drought, compared to 38 percent last year, with the exception of the southeast cow/calf country where drought is worsening and raises questions about cow culling, heifer retention, and...
Summary of Futures
Dec 24 Corn closed at $4.1175/bushel, up $0.03 from yesterday's close. Sep 24 Wheat closed at $5.3925/bushel, up $0.085 from yesterday's close. Nov 24 Soybeans closed at $10.41/bushel, down $0.0225 from yesterday's close. Dec 24 Soymeal closed at $312.1/short ton, up $2 from y...
Market Commentary: Firmer Trends Continue; Ukraine’s Corn in Jeopardy
The CBOT saw generally quiet, steady trade at mid-week, but many players noted firmer undertones as futures stabilize or start to recover from deeply oversold conditions. Corn and all three wheat futures markets turned higher with cautious bull spreading with the latter market seeing support fr...
Market Commentary: Corn, Soy Post Half-Hearted Reversals; Hogs Extend Nascent Rally
Tuesday’s CBOT trade featured gains in corn and the soy complex with funds casually covering some of their massive short positions amid oversold technical conditions and following Monday’s damage-inducing storms across the Midwest. Conviction was lacking, however, and the day’...
Summary of Futures
Dec 24 Corn closed at $4.0875/bushel, up $0.045 from yesterday's close. Sep 24 Wheat closed at $5.3075/bushel, down $0.0175 from yesterday's close. Nov 24 Soybeans closed at $10.4325/bushel, up $0.0325 from yesterday's close. Dec 24 Soymeal closed at $310.1/short ton, up $1.8...