Date archive: November 2014

Cattle futures opened steady to firmer yesterday morning only to spend most of the session trading lower, sharply lower by day’s end, down $1.50+ in live cattle and down the $3.00 limit in feeders. Friday afternoon’s COF report showed larger than expected placements, perhaps a reminder the market-ready cattle supplies will become more available after…

Light volume overnight left the wheat complex slightly higher this morning. Weekly export inspections totaled 447 TMT,  outpacing estimates of 225-375 TMT. The last crop progress report for the season showed a 2% decline in conditions to 58% G/E and emergence up 5% to 92%, reports will resume April 6th. Saudi wheat business announced yesterday…

Not much on the plate this morning that is new. After yesterday’s lackadaisical response to an excellent, second largest ever, export loadings report, we are seeing a nice little bounce today. Weather is still beneficial in S.A. and planting progress is pretty much on track with the five year average. U.S. basis and spreads on…

Yesterday the corn market was weaker, closing at $3.67 1/4, but saw support in the overnight stopping at $3.69 1/2. Volume is usually low during the holiday week and yesterday was no exception. We expect the range of $3.60-$3.80 to carry us through holiday schedule. U.S. export loading numbers were decent, but lower than expected…

Cattle futures again traded a two-sided session yesterday and closed narrowly mixed, though many contracts did trade to new highs early in the session. The boxed beef market continues to trade firmer, up another $0.50 in the choice cutout index yesterday afternoon, which is what most in the industry have been looking for, packers in…

Overnight trade was quiet and that looks to continue into the day session. Matif wheat closed lower for the third consecutive day. Weekly export sales totaled 361.7 TMT, in line with the estimate range of 300-500 TMT. Egypt’s GASC is tendering today for wheat for shipment Dec. 21-31. The major takeaway will be at what…

Soybeans saw steady trade on light volume overnight ahead of the export sales report. Weekly bean exports totaled 483 TMT, well below estimates 700-1000. However, bean sales remain 5% ahead of last year’s pace as the past four weeks’ sales have each totaled over 1 MMT. Soymeal sales continue to surge totaling 265 TMT for…

Corn saw a two-week low yesterday as values continue to track back to 100-day and 30-day moving averages. Funds have shorted 25K contracts in the last three days which brings them to net long 183K. Yesterday’s trade took note of the weekly ethanol production number coming in strong at 970K barrels compared to 946K last…

The cattle markets picked up right where they left off last week – firmer. Both the live cattle and feeder cattle contracts traded modestly higher again yesterday and to fresh highs in most cases following Friday afternoon’s cash cattle trade which came at mostly $170-172, up a sharp $3- 4 vs. the prior week. This…

Overnight was mostly weaker with short-covering expected to dry up for the short-term. Export inspections were reported at 139 TMT, below estimates of 250-375 TMT. It seems export activity was focused on soybeans again last week. Gulf values fell about a dime this week, leaving U.S. HRW still well overpriced in the global market. Winter…

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