Hogs Continue Lower As China Cancels Purchases
Weak charts, along with Chinese pork export sales cancellations sent CME hog futures sharply lower on Thursday. At the close Oct/Dec contracts were $3-4 lower on expanded limits, while August losses were held to $2.50. The Lean hog index was $1.31 higher at $83.41 and we estimate another $.70 higher for Friday. This puts the…
Wheat Falls Hard, Gulf HRW Nearing Russian Origin on Fob Basis
CBOT wheat futures fell 12 cents to new 3-month lows. US weekly export sales at 14 Mil Bu are viewed as market neutral. Wheat simply fell along with corn as the US Administration will add tariffs on Chinese goods beginning Sep 1. Following this week’s collapse Gulf HRW is offered at $197-199, basis fob. Russian…
Corn Falls Below 200-Moving Average on Export Sales/ New US Tariffs on China
CBOT corn futures fell sharply again as export demand between now and the autumn months stays weak. President Trump stated the US would add 10% to another $300 Bil of Chinese goods not previously being taxed. ARC doubts China will concede via rising tariff rates, and future ethanol export demand is in jeopardy. The graphic…