Hogs and Pigs Report All Hogs and Pigs: 101.3 vs 101.3 estimates Kept For Breeding: 96.8 vs 97.8 estimates Kept For Marketing: 101.7 vs 101.6 estimates Kept for Breeding number was even lower than expected. Look for the fall and winter contracts to be $1.00-2.00 higher.
Short covering develops overnight ahead of tomorrow’s data. This morning, short covering is a feature on the grain trade after continued heavy selling from the HTA deliveries and technical features from algorithm traders pressing momentum on rain forecasts. This morning’s Stats Canada report featured all wheat acres at 26.64 Million versus an estimate of 26.94,…
Soybeans lead overnight price stability. This morning’s grain trade is firmer, with spot soybeans leading the strength. July soybean and soymeal futures are the strongest, with one known NW Midwest crush plant having suspended operations due to flooding. There may be others yet to follow. Board soy crush and corn grind margins have rallied strongly…
Turnaround-Tuesday has yet to make its presence. The grain trade is lower again this morning after mild strength in the overnight session from the reduction in crop ratings, which were mostly expected. Morning grain pressure persists on ridge-riding storm systems and cooler Midwest temperatures. Friday’s USDA report keeps fears of bearish USDA crop data in…
Seasonal selling overwhelms overnight strength. After an initial firmer trade overnight, grains softened into the early session hours on continued chart-based selling, and algorithm traders did not find opposition to the seasonal trend sale. Central US weather forecasts have improved a bit from last week, with several rain chances for the E Midwest. Yet the…
Cattle On Feed On Feed: 99% vs 99.0% estimatePlaced: 104% vs 98.5% estimateMarketed: 100% vs 100.5% estimate Placement number considered negative to pre-report estimates. Anticipate a $1.00-2.00 lower start on Monday for feeder cattle, dependent on grain movement direction as well.
The grain trade recovers from the week’s heavy selling. Grain futures are recovering Friday morning ahead of the weekend after heavy selling that’s been unleashed on the trade this week. They are reconciling oversold conditions as the EU and Canadian weather models keep in place a pattern of a drier and warmer forecast east of…
The grain trade moves lower at the restart of trade this week. This morning’s grain trade on return to business has wheat trade leading downward pricing with the weakening of the Black Sea cash wheat market. Also, the EU weather model includes moderation in the E Midwest temps beyond the middle of next week, but…
Mixed trade to start Turnaround-Tuesday. The grain trade is mixed with row crops slightly firmer on slipping crop ratings, while wheat remains soft with the ongoing harvest. The grain trade closes on Wednesday for the new federal holiday, while the non-US grain futures markets will stay open and trade electronically. Trade can become choppy with…