CME hog futures continued to decline with runs/slaughter running at historically high levels. Record amounts of US pork production are forecast for the next 9 months and US export demand will have to improve to move through the supply. Daily pork product prices closed lower by with the carcass under pressure due to the sharp…
Soy futures regained all of their September Crop Report losses and poked above the early September rally high at $9.775. November futures closed above its 50 day moving average at $9.735 with the next upside price target is a weekly downtrend line (see attached chart) that crosses just under $10.00. Strong and record large world…
Corn futures ended slightly higher, as actual yield data is just weeks away. Following the flood of bearish news since early Aug, combine reports much confirm NASS’s expectation to renew bearish sentiment. Crude is again approaching $50/barrel, and a push to produce elevated levels of gasoline lies in the offing following two devastating hurricanes. Note…
Wheat futures ended mixed in the US (additional profit taking is noted in Minneapolis), and higher in Europe, and so far seasonal trends seem to be intact. In spite of record production in Russia, the fob market there is up $6/MT from early September, and in each year since 2012 a fairly noticeable recovery…
** CBOT futures have spent the morning at firmer price levels with soybeans providing much of the bullish pull. November soybean futures have pulled above its early September highs at $9.775 and the 50 day moving average which triggered aggressive fund buying. Corn and wheat futures have followed with December Chi wheat testing $4.50 resistance…
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