US futures ended lower, European futures ended mixed, and cash market are little changed. ARC notes that higher protein offers, in particular, are higher today as the market is better digesting ongoing rainfall in Northern Europe, and of course expanding/worsening drought across Canada. The graphic below features an update on global fob offers for spot…
Fund liquidation continued in the corn market (official open interest on Monday was down a hefty 30,000 contracts) as the trade debates the US’s late July/early August weather pattern. The GFS today was extreme, shifting from very dry to very wet weather in the 8-15 day period. The EU operational model is bone dry next…
August hogs were higher at the open on Tuesday and continued higher through the day’s trade. Monday’s break under the 50 day moving average found good demand, and the wide spread to cash offered fundamental support. The hog index continues to work lower and was down $.54 for Tuesday at $91.13 and projected $.70 lower…
Climate Impact takes a look at weather over the next 15 days for global crops.
Soy futures were sharply higher overnight and lower by the close, with November soybeans trading a wide 43.5 cent daily range, and closing 17 cents lower. The surprising 4% drop in Monday’s crop ratings offered the overnight support, while a wetter extended forecast for the W Midwest and Plains triggered selling throughout the day. Commodity…
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