Following the sharp break in the first half of the week, hog future opened and traded higher through Thursday. The market has fallen to deeply oversold conditions both technically and relative to current week cash market quotes, and short covering offered support. The July WASDE report featured updated changes to pork production estimates…
The break in CBOT grain markets has been driven by a set on non-traditional fundamental factors. After getting squeezed out of their net long corn and soybean positions, funds have been steadily building a rare net short position. Note in the chart that funds have very rarely been short in either market at this time…
** USDA July WASDE Report Analysis: The July WASDE report was viewed as slightly bearish soy and bullish on the grains. The 2018 July WASDE report has been one of the most anticipated July reports in recent years, as the USDA incorporated their “best guess” on US and World soy trade flows based on the…
** AgResource Daily Cattle Analysis: Cattle futures closed lower on Wednesday and a steady outlook is offered for early trade this morning. Broad based commodity fund selling and a steep break in the hog market pulled cattle futures to sharp losses in early Wednesday trade. Support developed on the break and August closed just above…
** 6:30 AM CDT CBOT Prices: November soybeans are up 6.00 cents at $8.5425, Dec corn is up 2.75 cents at $3.56 and Sep Chi wheat is up 6.00 cents at $4.7775. ** AgResource AM Grain & Oilseed Comment: Good Morning! CBOT grain and soy futures have tried to “claw back” gains from steep US/China…
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