Category archive: Daily Market Update

A choppy session which saw an early rally that gave way to a weak finish. Weather continues to cooperate with producers trying to get their corn planting done in the Midwest. There are plenty of anecdotal reports of robust progress being made in planting corn around the corn belt. New weather model runs during the…

The cattle markets finished the week on a sour note last Friday, plunging a sharp $1.50-2.00 in both the live cattle and feeder cattle pits. This came despite a firmer weekly cash cattle trade which saw animals trade as high as $131 live and $207 dressed in the North, both record highs, and the choice…

Wheat ended last week lower as supply estimates found a common ground and traders began evaluating demand. This morning, the downward momentum has persisted and cooler temperatures again over the weekend did not deter traders. Informa now sees HRWW crop at 1529 million bushels, down well over 100 mbu from the previous year. This week…

Lower across the complex as weather should permit planting at a frenzied pace this week. The movement of acreage seems to be a less important topic, but double cropped acreage is an issue as the wheat acres that would normally be double cropped are behind schedule and any further delays could mean fewer acres. Bean…

New crop corn settled down five cents Friday, the old crop only down fractionally. Old crop was, however, up 41 cents for the week. Funds sold 4K contracts Friday, but bought 10K for the week. The market is sharply lower today on a much drier 6 to 10 day forecast. Parts of Indiana and Ohio…

Old crop corn was up 15 and new crop was up 8 1/2 yesterday. A strong export sales number (for once) and fund buying lent the support. Funds bought 12,000 contracts yesterday. Plenty of snow fell across Kansas, Nebraska, the Dakotas, Iowa, and Minnesota further delaying planting. There were plenty of pictures of snow on…

Well it took roughly four months longer than expected, but we finally saw the choice cutout trade above the $200 mark yesterday, surpassing that level for the first time since 2003. The choice up $1.09 yesterday to $200.58 is now just $0.50 away from setting a new all-time record, surpassing that short-lived price explosion back…

Wheat closing higher yesterday as the wheat tour wrapped up with a final estimate of 313 MB compared to last year’s 382 MB and a 41.1 BU/acre yield. An incredulous market the morning is trading just higher in the nearby currently. The crop is reportedly 7-10 days behind and in need of warmer weather and…

Higher overnight as the weather is going to cause added planting delays and probably emergence/plant population issues for those beating the front and getting the corn planted. What will final acreage be if prevented planting is taken at 100% payment? Corn acreage would not convert to bean acreage. It is going to be an interesting…

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