AgResource Daily Cattle Analysis: Cattle futures closed higher on Monday and a firm outlook is offered for early trade this morning. Higher cash trade late last week along with a weather forecast that shows a sharp drop in temps and snow across the Plains later this week, offered support through Monday. Cash cattle markets across…
6:30 AM CBOT Futures: Mar soybeans are up 1.5 cents at $9.05, Mar corn is up 1.5 cents at $3.80 while Mar Chi wheat is up 1.25 cents at $5.155. Good Morning! It’s Tuesday and CBOT markets have turned around very slightly. South America’s 6-10 day forecast is being fine-tuned, and we continue to hear…
Hog futures were under pressure right from the morning open on Monday and remained lower into the end of the day. Feb hogs closed back under the 200-day moving average, while June hogs marked a 3-month low. The CME’s lean hog index gained $.70 to $56.69, and we estimate another $.52 higher for Tuesday. …
Brazil Trends Wetter; Moisture Deficits Persist: The EU & GFS models are wetter in Southern and Central Brazil in the 6-10 day period. Confidence is increasing with respect to the arrival of these rains, but will be needed into mid-Feb. The graphic attached shows the GFS’s 10-day precip as a % of normal. Net draws…
March corn traded in a narrow 4-cent range, ending in the middle. The US government doesn’t look to re-open this week or potentially next, and so input remains centered on South American weather and the likelihood that China secures large tonnages of US ag goods. Funds bought a net 2,500 contracts. The South American forecast…
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