Published Brazilian soybean export offers for both spot and forward quotes have not been competitive with the US for the entire year, yet Brazilian exporters continue to win business. Lower freight costs to Asia and higher quality premiums have been cited as reasons for the strong Brazilian export program, while analysts also wonder if public…
December hogs sold off right from the morning open on profit taking/technical trade following Wednesday’s weaker close. Early selling took the market right back to a chart gap left from Monday’s open, where support developed and the inched higher into the close. The cash hog index was $.22 higher on Thursday at $69.30, and is…
CME wheat futures are now flat on the week following a flood of short covering today, and as Iraq looks to have secured 400,000+ MTs of US HRW this week, vs. a reported 100,000 MTs on Tuesday. EU cash prices rallied a quickly $4-5/MT, Russian wheat is firm at $193-196/MT through early 2018, and the…
Following firm overnight trading, soybeans were able to extend gains through Thursday in technical trade. Fundamental there was nothing new in the market, rather January soybeans willingness to hold at the 200 day moving average over the last 2 weeks, along with limited hedge selling on the decline has triggered fund short covering. Funds were…
Dec corn rallied 2 cents on decent export sales, but mostly due to fund money flow. Managed funds earlier this week could very well have held a record net short position – and ARC mentions the spec short has exceeded the commercial short – and so a rally was due. Fundamentals, however, have changed…
