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Cattle On Feed Report 7/23/21

Cattle On Feed 7/23/21 On Feed:    99% vs 99.0% estimatePlaced:       93% vs 95.9% estimateMarketed:  103% vs 102.1% estimate Cattle Inventory Report: All Cattle and Calves: 99%* vs 99.5% estimateCalf Crop: 100%* vs 99.6% estimateTotal Cows and Heifers: 99%* vs 99.3% estimate*USDA rounds to the nearest percentage point Cattle on feed report bullish on…

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Morning Update 7/23/21

Another weather weekend ahead. Grain futures were mixed overnight, with spring wheat again leading the recovery, with corn and soybeans ending slightly to moderately lower. There is no question that the heat/dryness will have sliding US crop ratings on Monday, and it’s likely into the following week. The market continues to look for saving grace…

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Buy MWE

Buy a Sept MWE Wheat at 866.2 with a 848 stop, day order. 862 is a 25% retracement of the April-July rally. The June highs of 858-859 also provide support. A rebound from 855-865 would be expected.

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Morning Update 7/22/21

The 11-15 day EU weather model suggests rain. From the opening tick of the evening session, grain futures tumbled into a sharply lower session, as the hint of the 11-15 day ensemble for the EU weather model suggested moisture at the opening of August. Algorithm computer systems kicked in and sold relentlessly, irrelevant to what…

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Morning Update 7/21/21

Concerning heat keeps overnight grain prices firm. Grain futures pressed higher overnight, with Minneapolis wheat finding continued profit-taking and spread unwinding after failure to take out Sunday nights 944.4 high from Monday’s devastating crop condition ratings. Soybean struggled overnight on news that the Biden Administration may delay the biofuel mandate announcement for 2021 and 2022….

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Morning Update 7/20/21

Grain futures recover back to Sunday nights highs. With the outside markets stable today and not creating a negative influence, grain futures opened firm last night and traded sharply higher row crop ratings that barely showed improvement after last week’s cooler temperatures and rains. Spring wheat ratings collapsed historical lows to register an 11% GD/EX…

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Morning Update 07/19/21

Spring leads grains higher overnight with new contract highs. Grain futures opened higher overnight on the warmer and dryer forecast for this week, with crops in the N Plains and the W Midwest having limited soil moisture due to the ongoing drought and will not endure the coming heat/dryness very well. Yet, E Midwest and…

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Morning Update 7/16/21

Grain prices trade at a new weekly highs overnight. After a mixed overnight trade, corn and soybeans moved higher, following the sharply higher wheat market as the 4:30 A.M. GFS models showed more pronounced heat and continued dryness in the 6-10 day and 11-15 day models. There will be weekend rainfall across the S and…