Commodity Index The CCI/CRB index closed the week slightly lower, but was able to hold an open chart gap. Note that the CRB index gapped higher last week with a push above last week’s high to confirm a more bullish commodity outlook. Chart wise, the index is in its most bullish technical configuration since January…
August crush was a record, and thus the USDA’s forecast is a bit too low.
CME hog futures posted strong gains with October closing at $58.47, up $1.95 on short covering amid the hope that a seasonal cash low was near. ARC suspects that such “hope” is premature. October CME hog futures is nearing an open chart gap that was left back in early September at $61.075, and larger…
CBOT soy futures eased on Friday on pre weekend harvest hedge selling. Soybeans rallied a sharp $.40/Bu following the USDA September crop report on end user pricing and short covering. November soybeans failed to exceed resistance at $9.80, but the market did forge a weekly upside reversal. This will be noted by fund managers early…
Central US Maintains Wet Pattern Shift; First Frost Possible after Sept 30th: The US forecast is slightly cooler in the 11-15 day period, but otherwise unchanged. A warm/dry weekend lies ahead. A more active pattern follows with increased showers/storms, and while sub-freezing lows are offered to the Upper Midwest after Sep 30th. Such cold will…
