Hog futures were under pressure right from the morning open on Monday and remained lower into the end of the day. Feb hogs closed back under the 200-day moving average, while June hogs marked a 3-month low. The CME’s lean hog index gained $.70 to $56.69, and we estimate another $.52 higher for Tuesday. …
Brazil Trends Wetter; Moisture Deficits Persist: The EU & GFS models are wetter in Southern and Central Brazil in the 6-10 day period. Confidence is increasing with respect to the arrival of these rains, but will be needed into mid-Feb. The graphic attached shows the GFS’s 10-day precip as a % of normal. Net draws…
March corn traded in a narrow 4-cent range, ending in the middle. The US government doesn’t look to re-open this week or potentially next, and so input remains centered on South American weather and the likelihood that China secures large tonnages of US ag goods. Funds bought a net 2,500 contracts. The South American forecast…
World wheat futures ended modestly weaker following another Russian Ag Ministry comment indicating wheat exports in 18/19 would be at or above 35 MMTs. Pakistan’s tender to export 100,000 MTs of wheat found ample interest. A subsidy may not even be required given lofty world market prices. Our opinion is that the world cash market…
Better than expected rains across Central Brazil along with limited trade news had soybean prices under light liquidation pressure at the start of the week. Weekly export inspection data was above expectations, but the lack of significant export volume to China was also disappointing. Funds were estimated sellers of 4,500 soybean and 3,500 soymeal contracts…
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