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…
Preliminary January Chinese Trade data showed that China imported 7.4 MMTs of soybeans. The figure was well above expectations as several cargos of Brazilian beans that were held up by CIQ inspectors in December were finally released. The by country break down will not be released until later in the month, but based on shipments…
Summary: The EU is projected to be the world’s largest corn importer this year. With nearly five months (Oct-Feb) of the international marketing year (Oct-Sep) completed, EU corn imports are exceeding the pace needed to meet the USDA’s projection. As of the Feb 10, cumulative EU corn imports are estimated to be 11.44 MMT. That is…
** CBOT corn, soy and wheat futures have spent the morning weakening on fund selling amid a disappointing US export sales report from FAS. The report showed net US soybean sales cancellations and paltry US corn and wheat sales for the week ending January 3rd. This week occurred over the New Year’s holiday, but the market…
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