Date archive: June 2015

Cattle futures finished the week on a positive note on Friday, up a solid $1.00-1.50 in both the feeders and the fats. But volume and open interest totals out this morning make that move appear like simple short-covering and all is definitely not well in the cash cattle market which traded mostly $150 live and…

KC traded higher on Friday on reports of fusarium head blight being found in the Kansas HRW crop, caused by wet conditions during flowering. Minneapolis wheat also traded higher, as dryness has affected the crop more than the forecasted round of rainfall will cure, and analysts are lowering production estimates because of it. Current weather…

The summer solstice came and went yesterday, so we are now officially in summer and having shorter days. Rains continue to create problems for areas of soybean planting. KS should have made a decent amount of progress and even parts of MO, but overall both are going to be behind normal. Adding to planting issues…

Corn values pushing toward the bottom end of the range as market fundamentals remain bearish. Weather rallies looking dim at the point as temperatures remain below normal and pollination right around the corner. Though excessive rain has caused some concern, growing conditions have been above normal, setting up for large potential yields. The principal uncertainty…

The cattle markets traded both sides of unchanged in light volume yesterday, opening the session lower before finishing mostly firmer. Recent cash cattle and beef market action has been disappointing, but has essentially brought those markets back in line with the large discounts that futures have priced in for some time. Fed cattle basis which…

Overnight trade took back some of the losses from yesterday’s fund selling after weekend rains were not as damaging overall as expected. Funds sold about 10k CBOT wheat contracts to start the week, leaving the net position estimated at 62k contracts short. Winter wheat conditions were unchanged at 43% g/e; steady or better in CO,…

A dead cat bounce seems more appropriate than a turnaround Tues. following last night’s performance. We have seen the official first landfall of the hurricane season with Bill making the shores of Texas. Flooding is expected in Texas, OK and the Ozark region of AR and MO then next couple of days. Planting of beans…

The corn market experiencing pressure for the entire session on Monday hitting contract lows for the July. Spread volume for the nearby surged up to 93k contracts traded. Farmer selling is still sparse which is pulling spreads tighter. Export dynamics are dull at this point though China debating dipping into their stocks while lowering their…

Last week’s cash cattle trade was light to non-existent with just a few hundred head reported at $155 in yesterday’s USDA recaps. This would have been down a sharp $5 vs the prior week’s trade, but the grand majority of negotiated showlists went unsold and will be carried into this week. Futures impressively shrugged off…

Short-covering kept wheat moving higher to begin the week, as dryness is hurting the PNW, Canadian and Black Sea wheat crops. Export inspections were unimpressive, but came in as expected at 303 TMT. Crop conditions fell 1% for winter wheat to 43% g/e and spring wheat was down to 69% g/e. The interesting part is…

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