US wheat futures rallied 4-6 cents, mostly amid strength in corn and a lack of meaningful rain included any Argentina’s two-week forecast. Managed funds’ net short position in Chicago as of Tuesday totaled 109,000 contracts, down 16,000 from the prior week but still rather large. Fundamentally, more attention needs to be paid to Australian precip in…
The CFTC this afternoon confirmed that, as of Tuesday, managed funds held a record net short position worth 231,000 contracts. Even following today’s rally, ARC estimates funds’ position this evening at a net short 230,000. As seasonal trends point upwards in late Nov, profits are being taken. Argentina remains dry. China is rumored to have…
Weather Favorable in Brazil; Still Too Dry in Argentina: Over the next 10 days the mean position of South America’s jet stream will stay aligned just north of major Argentine growing areas. This will force ample moisture into the whole of Brazil through late November, which is a positive, but will also work to strip…
Despite a larger US cow herd and inventory of feeder cattle, feeder cattle prices have generally been above last year since May, with the cash feeder index this week at $158 versus $120 a year ago. Higher prices have not only benefitted the US cow/calf producers, but have also helped out other North American producers.…
Soybean futures marked good gains at the end of Friday’s trading, with the market finding support from fund short covering ahead of the weekend, and Argentine weather concerns. Soybean meal was the price leader through Friday’s trade as funds covered meal/oil bear spreads. At the close, soybeans were up 13-14 cents and back above all…
