Hog futures traded on both sides of unchanged and were mostly higher at the close, with early support coming from short term oversold conditions ahead of the weekend. The CME’s lean hog index was up for the 7th consecutive day on Friday, gaining $.45 to $65.30, with Monday’s estimate another $.17 higher. Spot weaned…
Soybeans were higher overnight, but found selling right from the morning open that kept soybeans and meal down through most of the day. The break in meal offered support to the soyoil prices on meal/oil spreads. Commodity fund traders were estimated as net sellers of 5,000 soybean and 4,500 soymeal contracts, and bought 4,000 contracts…
South American Forecast Little Changed; All Eyes on Late December: The GFS’s high resolution 7-day forecast is below, and of note rain has been shifted southward into Buenos Aires & La Pampa late next week. This moisture will no doubt be welcomed, but it’s Central & Northern areas of Argentina that in the most needed…
The preliminary Chinese trade data released on Friday showed soybean imports for the month of November at 8.68 MMTs. That figure was just over 1 MMTs short of what had been expected based on October exports from major soybean producing states; though, the difference will be rolled forward into December. October and November imports were…
Corn futures today ended slightly higher, and largely shrugged off a much wetter Argentine pattern predicted by the GFS at midday. Indeed, the EU model (below) this afternoon failed to validate the GFS’s solution, particularly in C Argentina, and instead rainfall over the next 10 days will be rather scattered. Some rain will fall, but…
