AgResource Daily Cattle Analysis: Cattle futures are called steady following a better than expected performance on Monday and a lack of on-feed follow through selling, particularly during yesterday’s session. Slaughter margins remain robust at an estimated $140/head, down from last year, but still rather strong for mid-autumn. We calculate break even at $125/head assuming no…
AgResource Daily Farm Marketing Advice for Tuesday: 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 $3.72. …
Bottom Line: Last week, Brazil shipped 317,000 MT of soybeans. For comparison, US exports were 2.59 MMT last week. Brazil’s export commitments grew by 354,000 MT and are now a record 63.51 MMT, up 25.0% from last year. USDA is projecting annual exports to rise 24.8%. Export commitments are now at the pace that “on average”…
Hogs ended moderately lower amid expectations of an elevated slaughter rate, which was eventually confirmed. The total kill is estimated at 483,000 head, vs. 446,000 a week ago and 444,000 on this week in 2016. Cash markets, too, were a bit weaker, and following last week’s expansion in managed funds’ net long position a weaker…
Wheat futures led the way in ag markets amid short covering, and an otherwise lack of selling. Managed funds’ net short in Chicago has been growing slowly but steadily, but we also mention funds net long in KC has now been liquidated entirely. As of last Tuesday funds were net short 5,000 contracts in KC…
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