Hogs Fall on Technical Liquidation: CME hogs opened the day sharply lower and had resistance against the 200-day moving average in December and February contracts. The cash market was also weaker, with CME hog index down $.25 at $86.63. AgResource estimates a $.74 decline for Thursday, marking the 11th consecutive day lower for the index.…
Dec CBT Corn Scores Two-Week High on Near-Record Large Weekly Ethanol Production: Dec corn rallied 9.5 cents and broke easily through its 20- and 50-day moving averages. Bullish EIA data was the catalyst, while heat and dryness will deplete Argentine soil moisture into early November. Export sales on Thursday are expected in a range of…
EU Wheat Sets New Contract High; Other Markets Follow: World wheat futures ended sharply higher on Wednesday, with global cash markets following. Recent evidence to suggest Mid-East is underestimated is noted, while newswires today report of significant delays to new crop seeding progress in China. Wheat’s fundamental outlook remains bullish, and the market will continue…
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Highlight: Changeable pattern. Charts of the day: Last week’s cold in Europe over-achieved. Discussion: An early season chill spread across Central/Southeast Europe last week. The chill was stronger than forecast. West/Central Russia was somewhat warmer than normal. Week-2 Ahead Forecast valid October 24-30, 2021: Warmer/drier U.K. to Ukraine. Discussion: The outlook trends drier and warmer…
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