February hogs had found resistance on an early test of the 50 day moving average, and then fell sharply in the remainder of the day in technical trade. December hogs expire on Thursday and closed at $63.60 versus the lean hog index that was up $.18 at $65.48. Packers reported Monday morning that they had…
Following lower trade overnight, soybeans remained under selling pressure on Monday as funds pared back positions ahead of tomorrow’s December USDA WASDE report and Brazilian crop report. Commodity fund traders were estimated as net sellers of; 7,000 soybean, 4,000 soymeal, and 2,000 soyoil contracts. Weekly US export inspections were towards the low end of expectations…
Bottom Line: Last week, Brazil shipped 320,000 MT of soybeans. In comparison, the US exported 1.23 MMT. Brazil’s export commitments rose by 425,000 MT. Commitments are a record 67.13 MMT, up 30.0% from last year. USDA is projecting annual exports to rise 26%. Export commitments are at a pace that “on average” could exceed the USDA’s…
Bottom Line: Relative to past reports, the range in trade expectations for the Dec WASDE Report’s corn ending stocks estimate is well below average. A narrow range in estimates increases the odds that the market might be “surprised” if the ending stocks projection is outside the range of trade expectations. However, only once in the…
Madden Julian oscillation, a large mass of tropical convection in the tropics, stretches across the equatorial Pacific and lends support to a wetter climate emerging in northern Argentina.
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