Hogs gapped lower at the open on Thursday, and traded down into late in the day, with October and December each down $2 at the close. The hog index was down $1.03 at $70.33 and is projected another $.96 lower for Friday. This puts the index down $4.15 for the week and under $70 for…
It was a quiet day of trade that left soybean and product markets slightly weaker at the close. November soybeans slipped back under the 50 day moving average, soymeal traded inside and finished $1.20-1.50/ton lower, while soyoil was below unchanged after marking a new rally in the overnight trade. Commodity fund traders were estimated sellers…
The August International Trade report on Wednesday showed US pork exports totaled 390 Mil Lbs during the month of July, a sharp 58 Mil Lb (13%) drop from June, and the 2nd consecutive month of sharply lower trade. Pork exports typically decline through the summer months as US pork prices seasonal increase, though this year’s…
Due to the USDA’s September reports next Tuesday, the next edition of the Weekly Newsletter will be released on Thursday, September 14th.
Bottom Line: Relative to past reports, the range in trade expectations for the 2017 September Crop Report’s soybean estimate is about average. Maybe that’s because the trade missed the 2017 August Crop estimate by the 3rd largest margin ever observed? Then again, perhaps the trade remembers last year when USDA’s estimate was 6.4% above the industry’s…
