The October Cattle on Feed Report is viewed as bearish for CME cattle futures at next week’s open. September feedlot placements were well above expectations and October 1st cattle on feed supplies were at 105% of a year ago and slightly larger than the average trade estimate. The report confirms cattle on feed supplies at…
Wheat futures closed out the week with big losses. Old-crop KC and MGE futures lost from 6-7 cents while the the CME’s contracts were down 6-7 cents. The CME’s Dec contract closed at $4.26 and it doesn’t look like there’s anything that will stop the contract from testing its low of $4.225 (set Aug 29).…
Corn futures turned down just after the morning open, and selling continued into the end of the day. At the close, December was down 4 cents to end the week on the lows. Funds were estimated sellers of 11,000 contracts through Friday’s trade. The weekly Commitment of Traders report showed that funds had added…
Soybean futures jumped at the morning open following export sales announcements to China, and on news that the EPA would not dilute the RFS mandate for the year ahead. The early rally ran into harvest hedge pressure ahead of the weekend, and November soybeans were in the red by mid morning and down 7.75 cents…
Hogs were higher Friday’s open, and then extended gains through the day. December traded to and closed at the best level since early August, while February marked a new contract high. The hog index gained $1.13 to $63.34 and projected $.88 higher for Monday. Hog slaughter for the week was down slightly from the…
