Hogs were down slightly at the morning open, and fell sharply through the day as Wednesday’s technical related support disappeared. December gave back all of the early week gains and closed back under $58, while the cash trends remain down. The hog index was off $.96 at $60.92, and projected $.76 lower for Friday for…
US wheat futures rallied slightly for a third consecutive session, and Dec CME settled above major technical resistance at $4.52, albeit very slightly. Russian fob offers are unchanged, EU offers are noticeably higher though, and with managed funds still short an estimated 85,000 contracts in Chicago, downside risk requires an improvement in world weather. …
CBOT corn futures again did very little, and enthusiasm is lacking with the harvest quickening. Soaking rains will impact a majority of the Plains and NW Midwest early next week, but otherwise the 30-day outlook features warm/dry weather (the Oct 6-20 precip anomaly forecast is below). A flood of combine data is becoming available. Early…
The next edition of the Weekly Newsletter will be published on Wednesday, September 27th.
Bottom Line: The EU is the world’s second largest wheat exporter. Last week, the USDA lowered their projection for EU wheat exports by 1 MMT to 28.5 MMT. Last year’s exports are estimated to have been 27.3 MMT. The EU exported a record 35.5 MMT in 2014/15. The Former Soviet Union (FSU) is projected to…
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