** Malaysian Palm Oil Production Declines On Seasonal Considerations: Malaysian palm oil data that was released on Monday, showed January production at 1.59 Mil Lbs, down 13% from December, but 24% more than a year ago, and the largest January production figure in 5 years. The monthly output figure was also at the top end…
Hog futures opened the week lower, but were mostly higher at the close as strong demand developed on deeply oversold technical conditions and the April contract’s current discount to the cash hog index. The index started the week down $.25 at $75.38, and the weekend slaughter data projects another $.66 lower for Tuesday. February hogs…
Soy futures rallied to strong gains at the start of the week as concerns for Argentine crops accelerates. Soymeal led Monday’s rally, gapping higher overnight and breaking out of a longer term consolidation pattern to mark the highest close since July 2016. Soybeans followed along and rallied 18-19 cents, but did not keep up with…
World grain futures ended higher amid ongoing dryness in Argentina, and US wheat futures continue to add premium based on the lack of any precip offered to the US HRW Belt. The current drought is rather structural in nature, and as ARC has mentioned before until La Nina fades it’s unlikely that precip of note…
The lack of rain in Argentina over the weekend, as well as continued dryness there over the next 10 days, triggered additional short covering to start the week. The Argentine corn crop is trouble, but also more attention is being paid to potential dryness across the US this summer amid a lingering La Nina. The…
