Spot corn is up 7% from a year ago, but so far in 18/19 the market has failed to fully react to this year’s sharp drop in US & major exporter stocks. This is partially due to the overhang of US-China trade barriers. Throughout summer and fall, corn offered better returns for 2019 and thus…
Argentina Stays Wet; Wheat Quality Most Concerning: The major forecasting models hint at drier weather in Argentina and wetter weather in C Brazil beyond the next 10 days. This pattern shift will be desirable, but confidence so far out is low. Extended range forecasts will be monitored closely through the weekend. Recall 2018 has been…
World wheat futures rallied further amid another week of solid US export, concern over Argentina quality and uncertainty ahead of next week’s meeting between Russian exporters and gov’t officials. March CME has broken through major tech resistance at $5.32. A close above $5.45 turns wheat’s chart bullish. Also note that calendar spread in Europe continue…
March corn ended flat again, and since gapping higher in late Nov has done very little. There’s still no indication of China reaching to the US for corn & wheat just yet. Weekly US export sales were good but not great. And South American weather isn’t yet affecting corn potential like it is wheat. Weekly…
Hogs were mostly weaker through Thursday on limited news and chart related selling. Feb hogs found support under and closed above the contract’s 50-day moving average. The lean hog index was down $.44 for Thursday at $55.54, with Dec hogs closing just under the index. The weekly Export Sales report showed slightly above average…
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