Date archive: May 2014

The cattle markets posted additional gains yesterday, with the feeder cattle once again leading the way. The Aug feeder cattle contract was up over $2/cwt, while most of the live cattle contracts were up between $0.35 and $0.75. Our weekly cash cattle trade started to pick up yesterday afternoon in the South at mostly $142,…

Market traded higher overnight on a technical short-covering bounce. The complex is oversold and needs to see some consolidation, but any rallies are, in our view, a selling opportunity. Big news was the Algerian purchase of 700K mt of French wheat at $274 mt CnF, which FOBs back to $248ish which would be a $8…

The bean market is getting a case of bronchitis: serious congestion. We will need a close above $15.16 or below $14.87 to make a technical buy or sell signal. Weather is conducive to a nice finish on planting and to get what is planted up and going. The N/X spread is slow at increasing the…

Because of the holiday weekend, we had “turn around Tuesday” on Wednesday with the market up 2 ¾ in CN and 3 ¾ higher in CZ. Funds bought 5K contracts. We are back down again this morning. Beans and wheat are higher. The trade continues to be impressed with current growing conditions across the heart…

After trading to modest losses last Thursday, cattle futures followed through on that weakness Friday, diving a sharp $1.50 in the fats and $2.00+ lower in the feeders. Some of that weakness is the result of another $1-2 lower cash cattle trade, but also some growing concern about a slower slaughter pace. Weekly slaughter totaled…

Wheat market gapped lower as supply concerns eased on light volume along with news that Ukraine’s new president will try to relieve hostilities with Russia. The Volga and Central regions of Russia expect to get good rainfall this week, helping to alleviate concerns of dryness. Paris wheat has dropped 25-30 cents since Friday and is…

What was once a technically bullish market has quickly turned into one of consolidation. With a close below $15, we will see if the trend can turn bearish. Old crop, though, will get a chance to work back to the topside with export inspection numbers at mid-morning. Chinese demand seems to have resumed with near…

Corn continues to trade in a nervous, choppy pattern closing down 5 ½ cents for the week, but 1 ¼ higher for the day Friday. Funds bought 2K contracts on Friday. The trade will be trying to decide how much corn was planted last week in the northern states. Planting was progressing in those areas…

Our weekly cash cattle trade developed mid-morning yesterday at mostly $144 live in the South and $232-234 dressed in the North. This is generally $1 lower than the prior week’s market. The futures market’s response was one of disappointment, diving a quick $1.50 lower before recovering just slightly by day’s end. This $144 trade still…

Wheat market is trading higher on profit-taking ahead of the Memorial Day weekend. The wheat complex has settled lower for the majority of the past two weeks, but the downward momentum is easing at current levels. French new crop wheat is even with Russian at $265 FOB. EU export licenses totaled 249K tonnes bringing season total to…

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