US wheat futures fell 5-15 cents, with some measure of support being found in Minneapolis. Spot wheat in Europe fell €3.00/MT ($.07/Bu) to a new three-month low. US export sales totaled just 4.8 Mil Bu, a marketing year low. The drop in demand during the holidays is common. The actual pace of wheat export demand…
Corn futures fell 3-4 cents following a disappointing US holiday export sales number. Funds were huge sellers on the break of just under 7,000 contracts. CBOT corn is caught in a range trade with support under $3.70 and resistance above $3.80 March. Fresh fundamental input is needed to break the market out of the range.…
Models Wetter Across Argentina: The EU/GFS models are in good agreement, and both have added rainfall to Argentina in the 8-15 day period. This will ease concerns over developing dryness in Buenos Aires and Cordoba. The attached graphic shows predicted 8-14 day precip anomalies. Mostly favorable weather will be ongoing into the end of February.…
Hog futures were lower at the open on Thursday and stayed down at the close. Intraday resistance was against unchanged and then fell alongside a host of other US commodity markets. The cash index continued its lower trajectory and was down $.36 at $55.55. We estimate another $.31 lower for Friday. This puts weekly cash…
Soybeans traded down overnight and extended losses through the day on Thursday. The Weekly Export Sales Report reflected net cancellations of 22.5 Mil Bu for the week ending Jan 3rd, with large cancellations from both China and unknown destinations. The cancellations triggered fund selling of an estimated 12,000 soybean futures. In the product markets, funds…
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