AgResource Weekly Newsletter, May 7
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Click here to read the Weekly Newsletter
CME hog futures were under pressure at the open, and back above unchanged by midday. June hogs traded a wide $6.50 range for the day, before closing $.50 lower. July hogs traded and closed similarly, while the rest of the hog market was higher. The strongest gains were in 2020 hog contracts, which gained more…
Corn ended firm on modest fund short covering. This week’s meeting between high-level US and Chinese trade officials is imminent. The US forecast features only 6-7 days of dryness next week. Managed funds on Monday sold a massive 25,000 contracts but were unwilling to press this short further amid a complete lack of new farmer…
News that Chinese trade negotiations would resume late week helped sooth selling in the soybean market, but was not enough to restore confidence and trigger a recovery. Soybeans were generally higher through the day in quiet trade, and just above unchanged at the close. Funds were estimated buyers of 4,000 soybean contracts. Brazilian fob…
The USDA will update beef and pork supply/demand estimates at the end of the week, but 4th quarter forecasts do not typically change much in the May WASDE. The April estimates showed 4th quarter per capita beef disappearance rate of 14.6 Lbs, up 1.4% from a year ago, the 4th consecutive year over year increase,…
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