An unusually strong jet stream pattern producing an intense northwest wind across Switzerland yesterday caused widespread damage and at least one fatality. The week 2-4 forecast continues to look mild.
CME hog futures were higher at Thursday’s open, and still higher at the close. February found good support against unchanged, and then added to gains just ahead of the close, while summer months again marked new contract highs. The lean hog index gained $.52 to $62.75, and Wednesday’s slaughter data projects another $.88 higher. …
Soybeans fell sharply from the morning open, but stabilized by midday, and were just below unchanged by the close. The recovery was lead by the soybean meal market, which was higher across the board by days end, lifting crush spreads another 2-3 cents. Commodity fund traders were estimated buyers of; 3,000 soymeal contracts, sellers of…
Argentina Stays Dry Next 10 Days: Once again the GFS failed to pull forward rainfall projected in the 11-15 day period, and most likely another 10 days of heat & dryness lie ahead for Argentina and Southern Brazil. Weather in Central Brazil will continue favorably wet. Implied 7-day changes in soil moisture are left, with…
Corn futures continue to pare recent gains, and the EIA’s report this morning leaned bearish. But Argentina will stay hot & dry through mid-January, and export sales in the next 4-5 weeks will remain stout. Our work suggests the lower end of the trading range will be established at $3.45-3.48, basis March. As evidenced…
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