US wheat futures fell another 3-5 cents on further strengh in the dollar and weakness in currnencies elsewhere. Russian interior cash prices are steady to a bit higher in ruble terms following ongoing strong export demand, but amid weakness in the ruble, replacement costs in Southern Russia fell to $157/MT, vs. $160/MT a week ago.…
Hog futures ended lower, though off session lows, as fund length can now be viewed as excessive given current supply and demand. Managed funds net position on late Oct since 2006 is below, and with their net long (65,000 contracts) more than double that of a year ago, a steady flow of bullish news (cash…
AgResource Daily Farm Marketing Advice for Friday: 1/Corn Producers: Sell 10% of the estimated ‘18 corn harvest at $4.01 basis Dec 2018 futures. 2/ Corn Producers: Sell 10% of estimated ‘19 corn production at $4.17 basis Dec 2019 futures. 3/ Corn Producers: Sell 15% if the 2017 corn crop is March 2018 corn futures reach…
Bottom Line: Our point estimate for next week’s export inspections is 2.25 MMT (83 Mil Bu). If this is correct, that would be down 340,000 MT (13%) from last week. In addition, this week’s ship lineup is 4.01 MMT. That’s down 8% from last week but above last year’s 3.376 MMT. There were 7 vessels to-be-nominated (TBN). That…
AgResource Daily Cattle Analysis: Cattle futures put in a solid performance Thursday are called steady this morning. Like hogs, we caution against turning bullish at current prices, but amid a lasting cold pattern in the Central US into mid-Nov and decent export interest, a test of $122-123, basis Dec may lie in the offing. This…
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