Hog futures marked strong gains on Wednesday as the market found support from another firm day in the cash market, along with optimism that a China trade deal would include a provision for US pork. The lean hog index marked the 4th consecutive day higher and rose $.35 to $54.85, and we estimate another $.25…
Corn bounced at major chart-based support. Ethanol production last week was seasonally reduced, though unchanged on last year. Other prevailing trends are supportive and center on Chinese demand and South American weather. Increasingly, we doubt a major pattern shift occurs in South America in the next 2-3 weeks. Climate models hint that heat & dryness…
US wheat futures ended slightly higher. EU futures ended slightly lower on strength in the euro, and so in US dollar terms EU futures have scored newer 16-week highs. As expected, Egypt’s tender price was above the prior week – at a 4-year high! Egypt bought a hefty 415,000 MTs of Russian origin for late…
Soybeans were back-and-forth and finished the day 5+ cents higher. News that US/China trade negotiations had concluded on a positive note underpinned the complex. Further, the S American weather forecast has yet to show any change from the current warm/dry pattern. Funds were estimated buyers of 5,500 soybeans, 2,900 contracts of soymeal, and 3,200 contracts…
Summary: Today Egypt’s GASC purchased 415,000 MT of wheat, all from from Russia (for delivery late Feb thru early Mar). This was the largest purchase since late-Oct. Three weeks ago, GASC purchased 120,000 MT from Ukraine and Romania. Today’s offers did include US SRW at $239 but US freight is more than double the cost of…
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