The USDA’s stocks estimates for the 2016/17 crop year have been in a wide range over the last year. The peak estimate was in December at 480 Mil Bu, with estimates steadily grinding lower to the most recent forecast of 345 Mil Bu. Crush estimates have moved lower over the last year, largely due to…
Hog futures were steady at Tuesday’s open, and finished from steady in October to as much as $1.675 higher in December. The hog index continues to work lower and was down $1.27 at $62.80 and projected $.95 lower for Wednesday, while the cutout was down $1.77 at a 5 month low of $76.32. …
Early selling in November soybeans found support at the 100 day moving average that pared back losses and left November 2.25 lower for the day, but 7 over the early morning low. Soyoil had support under the 50 day moving average, and meal was lower on meal/oil spreading. Funds were estimated sellers of 4,000 soybean…
Bottom Line: Egypt’s GASC bought 175,000 MT today. Not surprisingly, Russian wheat captured all the business. On a FOB basis, the average price paid was $196.66/MT, up $9.66/MT from the last tender (Aug 29). USDA is projecting that Egypt’s total wheat and flour imports will be a record 12 MMT, up over 750,000 MT from last…
** Black Box selling has been the theme at the CBOT with corn, soybeans and wheat sagging under chart based selling. End user scale down buying is noted, but few traders desire to take large positions ahead of the September 29th NASS Stocks and Final Small Grains Report. December corn is back testing recent lows…
