Date archive: December 2014

Cattle futures followed through on Friday’s strength and gapped higher yesterday morning and closed with sharp $2-3 gains in the live cattle contracts and $3-4 gains in the feeders. Both live and feeder cattle futures briefly traded limit higher late in the session. New CME rules would have allowed daily price limits to expand from…

Wheat markets traded both sides of unchanged on Monday as early strength gave way to row crop weakness midday before buying came back late in the session, and all three exchanges closed higher. Export inspections continue to be poor for U.S. wheat, reporting 198.5 TMT this week vs. 356 TMT LY. Australia’s ABARES cut 2014/15…

January longs need to be out today by the close or risk delivery. Not much registered for delivery so chances are slim they will occur. Beans knocked nearly 33% off yesterday, meal over 43%, and oil over 35% lower. Meal and oil did a good job getting to limited quantities left to liquidate into first…

Grain markets continue to see decent moves throughout the day as thin volume generates length to usually short moves. There was early strength in corn on unusually high export sales, March corn hit a five month high, but was quickly erased as the session progressed to down two cents. Bullish funds shorted 5K contracts yesterday,…

The cattle markets traded Friday in a similar fashion to what was seen earlier in the week: light, thin trade volumes, but sharply lower in the feeders and firmer in the fats. In the end, nearby Jan. feeders finished the week with $6.42 worth of losses, while the most-active Feb. live cattle contract finished up…

Overnight trade was higher on export business and potentially hazardous winter weather. Iraq purchased 200 TMT of hard wheat this morning, including 100 TMT from Canada, 50 TMT from the U.S., and 50 TMT from Australia. This was also supportive to U.S. wheat because Russia was not included. Traders will be watching temperatures this week…

It looks like the complex is attempting to make a new breakout with a bullish sentiment. A close at or above $10.54 would signal to most technical traders the horses are off and running. The New Year’s effect should help move the complex higher, if you only use the post-ethanol mandate data (2003-13). Volumes should…

Trade volume remained light for all of the grains on Friday, though corn saw a relatively volatile session, hitting as low as $4.05 3/4 and recovering up to $4.15 3/4. Volume was 71,588 and OI increased up to 1,229,950. The overnight chopped around and eventually traded up to $4.16 3/4. Export sales for corn this…

As noted here in recent days, a rally on declining open interest isn’t exactly a sign of a healthy market, and yesterday’s sharply lower feeder cattle trade is a reminder we’re still in fragile territory. Live cattle futures trading unchanged in the nearby Dec, but down $1+ in the far deferreds. Today’s conversation will center…

Lower trade overnight for wheat, with soybeans the leader to the downside. Wheat finished stronger on Tuesday with buying on the close and light volume. Egypt’s GASC said Russian exporters will have to honor all contracts in January, after rumors of export curbs leading to supply failures. The KC spot market is going into the…

MENU