Date archive: February 2014

We are just two days into the week, but the industry seems convinced this week’s cash trade will be something firmer than last week’s $144-147 market. One packer bid surfaced yesterday in KS at $144. The cash optimism had futures trading $1.00+ higher yesterday and firmer again this morning. Of course the nearby Feb contract…

The wheat market is steady this morning after an impressive comeback yesterday. The KWK contract was able to surge back after early weakness to close above both the 100-day MA of $6.84 3A and the 50% retracement level of $6.88 1/2, which leaves $7.00 3/4 next resistance. Canada’s two largest railways have pledged thousands of…

The soybeans are slightly lower this morning following another very strong day as the SH hit the $14 mark. An unknown buyer bought 568K tonnes of beans yesterday, after it was initially said to go to China, so it appears there is still good demand even at current price levels. There was news yesterday of…

Corn was dragged higher with beans and wheat, closing 3 Y2 higher in the CK and getting within a penny or so of the recent high. Basis is weaker in most markets and in spite of that the CH/CK traded down to 5 Y2 to 6 on the close. Even with the weakness in basis,…

After opening mostly firmer, the cattle markets spent most of Friday’s session trading weaker. This weakness comes despite a midday cash cattle trade at mostly $144-145 in the South, up from last week’s lightly reported $142 market, and a $230-232 dressed market in the North, up $5-7. Weekly slaughter coming in at 539K head, equal…

The wheat market is trading weaker this morning as both the KC and Chicago contracts gapped lower on the open last night. The entire wheat complex is reacting to higher US carryout for 2014/15 and technical weakness from Friday’s selloff. Weekly wheat inspections are estimated from 250-450 with last week’s coming in at 266.5k tonnes….

The soybeans continue the surge higher as we have now filled the gap at 13.77 and made some new highs with really nothing to stop the SH to reach $14. The USDA raised bean acres up 1.5 mln from baseline projections and almost 3 mln over 2013 plantings, but as domestic supplies are tight the…

May corn closed down 3 1/4 cents Friday, but up 8 1/4 cents for the week. Funds sold 8,000 contracts Friday, but after adjusting for the commitment of traders the spec funds are only long 67,000 contracts. The weakness the last few days has been based on the USDA Ag Forum’s new crop projections. They…

After firming through much of the morning, the live and feeder cattle markets seemed to run out of steam midsession, eventually sliding back into negative territory – all but the nearby Feb live cattle contract, which posted a minor gain. Some packer bids have started to surface around the country at $142, compared to feedlot…

The wheat market is trading steady to lower this morning as it takes a slight breather from its continuing rally. The turmoil in Ukraine has escalated and has built in a risk premium to exports, but thus far there have been no reports of the riots affecting exports. The export markets have been quiet with…

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