Date archive: June 2014

After watching the futures market rally through the first four days of the week, our weekly cash cattle trade finally developed mid-day Friday at mostly $154-155 in the South and $154-156 in the North. This was up an incredible $4-6 vs. the prior week, a new all-time high of course, and still trading at a…

The wheat market traded lower most of the overnight session on low volume as traders make adjustments ahead of the Quarterly Stocks report out at 11am. Estimates for the report are 598 mbu vs. last year’s 718. Acreage estimates are 55.82 ml acres for all wheat acreage, spring wheat acreage at 11.86 mln acres, and 1.79…

Stats Canada was boring, will USDA plantings and stocks report be similar? We have a few hours to find out. Night trade was circling awaiting word on whether to dive or take off higher when the reports are released. N/X narrowed even without delivery notices, as expected. Oil was the only complex component with deliveries…

December futures led the way Friday as traders were fearful the USDA Planted Acreage report today would indicate reduced acres. Traders are also anticipating another reduction in crop condition this afternoon. Several cities in the northwest Corn Belt are calling this the wettest June in history. CN/CU had a range of 4 to even cents….

The cattle markets traded to yet another new round of highs yesterday – record high live cattle futures, record feeder cattle, record beef, and we expect to see a record high cash cattle trade before the day is out. We have yet to see any significant cash trade to this point in the week, and…

The wheat market surprised trade by rallying late in the session yesterday, but has been unable to hold in early morning action. The spreads led the July futures higher as the KWN/U reached 8 ½ inverse and WN/U narrowed to only 1 carry. Stats Can all wheat planted acreage June estimate is at 24.09 mln…

Today is last day before big reports on Monday, first notice day on Monday makes today first position day (any longs after the close can take delivery), and there is Stats Canada data to mull over. Stats Canada is on the light side and should support beans in NC. A couple million acres are missing…

Corn had another quiet day yesterday with a relatively narrow trading range. CN closed 1 ¾ higher for the day. Funds bought 3K contracts yesterday. The market felt well supported as traders exited short positions ahead of Monday’s reports. Traders were also exiting July positions as we get ready for first notice day. CN/U had…

Cattle futures traded sharply higher for the second day in a row yesterday, this time up as much as the daily $3.00 limit in the nearby June contract. This takes both live cattle and feeder cattle futures to new contract highs, which has not coincidentally come along with the beef market moving to new all-time…

The wheat market continues to find pressure with the Chicago contracts leading the way. WU is now only 10 cents away from support at $5.65 ½, the Jan. 27th low. Chinese wheat harvest is almost complete with CNGOIC now estimating production at 123 mmt, 3 mmt above the USDA. Massive amounts of rainfall yesterday in parts…

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