Date archive: April 2015

June live cattle futures have managed to string together four consecutive higher closes and now sit an impressive $4 above our Monday morning lows. We saw some cash cattle business done on Tuesday in TX at $162-163, and some additional trade in the North at $162-165 over the past couple days, all steady to soft…

KC wheat pushed lower on Thursday as beneficial precipitation hopes were high for the Plains wheat areas. CBOT wheat traded to a five-week low before short-covering led to a higher close. Rain moved through much of western KS and eastern CO down into western OK and TX panhandle over the past 24 hours, but there…

Soybean values saw light buying overnight as trade regained its bearings after a volatile session yesterday. Chinese Dalian futures pushed $0.34 lower after strong gains early in the week. Soybean export sales were good yesterday, but look for poor demand to show on the next few reports as China has not loaded a U.S. vessel…

Futures traded on light volume Thursday and sustained the current range. May closed yesterday’s session at $3.76 1/4, and the December at $4.00 1/4. Nearby spread was noticeably firmer in the overnight tightening into 6 Y2. Basis is steady to firmer. Farmer selling remains light in hopes of a futures bounce. Delayed plantings have provided…

Following another $1.00+ rally in live cattle and as much as $2.00 higher in the feeders yesterday, the cattle markets have essentially erased Friday’s strangely limit lower move. In hindsight, the $163 cash cattle trade which spooked futures on Friday is not as negative as initially thought. Much of the $163 trade was for delivery…

Overnight trade saw light volume and narrow trading ranges and all three exchanges are seeing slight gains this morning. KC and MGEX May contracts fell through contract lows yesterday on positive crop outlooks and continued fund selling in CBOT wheat. Weekly export sales for 2014/15 were less than half of the low estimate due to…

A nice surprise on the bean export numbers today should help support a better trade to open. Meal and oil were both positive and in range for old crop. Meal is having the same issue beans are on NC, trailing the previous record year by a lot. U.S. meal is still running $25-$35/ton over S.A….

A bounce off support early in the session yesterday allowed light farmer selling, but faded toward the close. USD volatility has spurred fund activity. Corn spreads tightened with high volume despite the completed roll. May/July traded at 7 which is 58.1% of full carry. Technicals remain bearish while weather delays prop values up enough to…

Friday’s $167-168 cash cattle trade, up mostly $2 vs. the prior week and firmer than most expected, had futures starting the week $1+ higher yesterday morning. But those gains quickly evaporated with the June contract trading $1.62 lower by day’s end and posting a technical key reversal. The cash market is not that far away…

The wheat market reversed course on Monday as profit-taking and thoughts of beneficial precipitation on the horizon took wheat lower. Export inspections continue to show the gap between global and U.S. prices, as inspections totaled 370 TMT this week. U.S. wheat values are estimated to be $50/tonne above EU and Black Sea values. Updated forecasts…

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