Weekly Newsletter, Nov 14
In this week’s newsletter, we take a look at expected returns for corn and soybeans in the US for the next growing season. Which crop will farmers plant more of? Click here to read this week’s Weekly Report
Dec Corn Ends at New Contract Low; First Notice Day on the Horizon
Dec corn continues to eye the Sep contract’s low ahead of first notice day at $3.30-3.35. The USDA’s November WASDE confirmed there’s an overabundance of supply, particularly across the Plains, and large deliveries are likely. Funds, however, are now short an estimated 245,000 contracts, a new record, and ARC doubts sub-$3.30 spot futures lies in…
Wheat Steadies on Turnaround Tuesday
The US dollar plunged today, and with wheat not subject to changing biofuel margins the market was allowed to stabilize following Monday’s collapse. There’s little fresh news available, though there’s talk Egypt may again lower its ergot tolerance to 0%, and as the ruble continues to weaken rallies will be limited to fund short covering…
Hogs Fall In Technical Trade
Hog futures were under pressure right from the open on Tuesday, and steadily traded lower all day. At the close December and February contracts were off more than $2 each, while the rest of the market was down more than $1. The hog index was down $.47 at $67 and projected another $.32 lower for…
Soybeans Slide Lower In Technical Trade
Soybeans stayed under pressure through Tuesday after breaking through major moving averages at the start of the week. Fundamentally the market is struggling under the large crop and slowing exports, while Brazilian weather forecasts have turned more favorable as planting starts to wind down. Funds were estimated sellers of; 6,000 soybean, 2,000 soymeal, and 3,500…
