Hog futures were firm at Monday’s open, but found resistance on an early rally that kept futures under pressure into the close on Monday. The hog index was up 6 cents at $92.46, but projected to be unchanged on Tuesday. The USDA quoted Monday’s negotiated trade $.12 higher on light volume, while supplies appear to…
Soybeans were sharply higher overnight and extended gains through Monday, marking the 2nd consecutive weekly chart gap across both old and new crop contracts. Meal followed with new crop trading to new contract highs. And December soyoil finished over the 200 day moving average for the 1st time since early March. Commodity fund traders were…
US and world wheat futures started the week with decent rallies. Though the US Gulf market is losing its competitive edge, cash wheat markets across the world continue to rally in tandem with the US. And drought continues to expand across the Canadian Prairies, and crop estimates in Australia are being trimmed as very little…
CBOT corn rallied a quick 8-10 cents, as the US forecast is getting more threatening into the final week of July. The major forecasting models this evening are in general agreement that heat will expand into Western Corn Belt in the next 10 days, and virtually no rain is projected outside of modest totals across…
Worsening drought conditions across southwest and east-central Australia are indicated the next several weeks.
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