The midweek trade in the corn market was very quiet with December holding in a narrow 2.75 range through the day, before ending 1.5 cents lower. The CME estimated December trading volume for the day at just over 104,000 contracts, or just 65% of the average through the month of October. Funds were estimated sellers…
Soybeans settled next to unchanged following a quiet day of trading, while soy product markets were lightly mixed. December soymeal had support against the September high, and closed with slight gains, while soyoil again had resistance against the 100 & 200 day moving averages and slipped to a new low for the week. Commodity funds…
A higher open on Thursday was immediately followed with strong demand, that carried hog futures higher into late in the day. Major moving average support under $62 December was never tested, and at the close December had recovered all of Tuesday’s losses. The hog index rose $.76 to $61 and projected $1.21 higher for Thursday,…
Bottom Line: US Wheat Associates is closing their trade office in Egypt, the world’s largest wheat importer? The reason for the closure is that the US exports have dropped precipitously as Black Sea exporters (Russia, Ukraine, and Romania) have captured the lion’s share of the market in recent years. However, it is not just in…
Climate forecasters have become less enthusiastic about La Nina over the next several months, but a weak and short lived event is still indicated. The coolest equatorial Pacific temps will coincide with key stages of South American crop development, and ARC’s work suggests that La Nina does not typically work in favor of exceeding trend…
