After a steady start to the morning, February hogs quickly turned down and spent the rest of the day trading in the red. At the close, February had given back all of Monday’s gains, while June marked an inside day. The CME’s cash hog index increased by $.66 to $63.92 versus December hogs at $64.275.…
Following firm overnight trade, soybean futures rallied to strong gains on Tuesday. Weather models project limited rains across key growing regions for Argentina and S Brazil, which fueled fund buying through Tuesday’s trading. Soymeal led Tuesday’s rally on concerns that Argentine meal exports could be reduced by a smaller Argentine crop. At day’s end, funds…
US wheat futures ended lower, as again markets were unable to find much buying interest at technical resistance. Funds returned to adding net short positions. Traders across the globe are beginning to wind down for the year, but there remains no compelling evidence for a major move in either direction. Ongoing warmth in…
CBOT corn inched to minor gains, and March is positioned firmly between its 50-day moving average and its contract low. Weather premium needs to be sustained until/unless it rains in Argentina and Southern Brazil, but the trade is also beginning to position for next week’s WASDE, in which large US & global stocks will again…
South American Pattern Stagnant Next Two Weeks: The forecast is unchanged, and is still dominated by the recent cooling of the equatorial Pacific. Also of note, the EU model’s monthly outlooks were updated this morning, and the odds of below normal precip in both Argentina and Brazil during January (below) are rising. Certainly a shift…
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