Wednesday was another active day of trade in the hog market that left futures sharply mixed. December had strong resistance against unchanged and finished the day nearly $1.50 lower, while all contracts from April and beyond traded on to new contract highs. The hog index was off $.01 at $69.08, but projected up $.22 for…
Following firm trade overnight, soybean futures came to life Wednesday morning and closed up 6-7 cents on technical buying. Soy product markets finished higher, with December meal finding support at the 50 day moving average, and gaining slightly on soyoil. Commodity funds were estimated buyers of 6,000 soybeans, 2,000 soymeal, and 3,000 soyoil contracts in…
BOTTOM LINE: AgResource fully expects the pace of US ethanol production to stay record large into 2018. Higher blend consumption and exports are likely amid the recent rally in energy markets. US ethanol plants through the week ending last Friday totaled 310.5 million gallons, up 5 million on the week and a healthy 10 million…
MJO influence to return and cause more wet weather events in the medium-range.
** CBOT values are higher in midday trade as Wednesday’s large jump in corn and soybean open interest sparks short covering and positioning ahead of private crop estimates that will be released in the next 24 hours. The bears are surprised by the soybean rally, but seasonally it’s the wrong time of year to be…
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