After a mixed start to the morning, strength in June hogs supported a recovery rally in the hog market that recovered a portion of Monday’s losses. The cash index continues to advance and was $.56 higher at $77.90, and projected $.30 higher for Wednesday. Negotiated trade for Tuesday jumped $1.99 with strong volume noted. Slaughter…
Short covering at the morning open supported a quick rally in soybeans, and the market spent the rest of the day backtracking. However, the market posted modest gains at the close, with November ending above last week’s high. Commodity fund traders were estimated buyers of; 3,000 soybeans, 1,000 soymeal, and 500 soyoil contracts. While…
Neutral ENSO for the next few months but El Nino risk for later 2017 is back on the table.
** The push in July Minn wheat to new 2 year highs (above $6.00/Bu) caused general nervousness among CBOT bears, and short covering has been the result. Much of the covering occurred during the first 45 mins of trade with corn back testing resistance at $3.80 while July Chi wheat has rallied above $4.40. The…
Bottom Line: Crushing margins have improved a bit from last week’s 3-year low. Despite months of low or negative crush margins, China’s imports are proceeding at a record pace. For the month of May, vessel lineup data indicates that shipments from the major exporters to China were 8.9 MMT. For June imports, vessel lineups indicates…
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