CBOT soybean and meal markets were higher overnight on strong volume, and held onto good gains into Monday’s close. Only light rains fell across key Argentine crop areas over the weekend, and Monday’s weather model updates offered hot/dry weather into mid February. Commodity fund traders were estimated buyers of; 5,500 soybean, 2,500 soymeal, and 2,000…
World wheat ending stocks have ballooned to a record 268 MMTs! Since 2012, world wheat stocks have risen by an amazing 50%. And since 2015, world end stocks have been pushed incrementally higher in almost every USDA monthly report. As a result, CBOT and world fob wheat prices have been depressed. However, China’s share…
Wheat rallied for the 4th day in a row as shorts covered some of their positions on expectations that the US Plains would remain parched. Old-crop SRW futures were up 7-8 cents, HRW futures jumped 10 cents, but HRS contracts slipped about 1 cent. Commodity funds large net short position has left the market vulnerable…
Following a higher start to the week, hog futures turned down in early morning trade, and sold off again ahead of the afternoon close. Friday’s low in April hogs held through Monday, and the day’s settlement was just above a longer term uptrend line, while June hogs closed under a similar trend marker. The cash…
Following higher overnight trade, corn prices caught support on falling Argentine estimates and closed higher, reaffirming last week’s technical breakout. On a spot basis, corn marked the best 1 day close since August, while March was above it’s 100 day moving average for the first time since July with funds buying 11,500 contracts. …
