CBT Reacts Negatively to Jump in Crop Rating; Fresh Bullish Input Lacking: Corn futures fell on fund liquidation and the ongoing harvest. The bulk of the US harvest lies ahead and combine activity will roll along nearly unabated through the next 14 days. Concern that the Gulf is slow to come back fully on- line…
CBT Wheat Slides Through Chart Support; World Cash Market Stagnant: US wheat futures fell 8-11 cents. Fresh breaking news was absent. Dec CBT was unable to hold support at its 100-day moving average, with next chart-based support pegged at $6.80. The world cash market is not willing to break but nor is it willing to…
Hogs Finish Slightly Lower in Range-Bound Trade: Hog futures were mostly weaker at the end of quiet trade on Tuesday. December had support under $72, but continued erosion in the cash markets has discouraged the hope of a rally. The CME cash index was down $.22 at $94.04, with the calculation for Wednesday showing another…
Mixed CBT futures in rather average volume. An early round of CBOT selling was absorbed by end user buying, while US farmers are focused on harvest. The soy complex paced the recovery on Chinese demand. China is rumored to have purchased 3-5 cargoes of US soybeans for November off the Gulf this AM with additional…
Summary: Russian harvest reports show this year’s yields are well below last year at this time. Harvest reports to date suggest USDA’s projection is about right. The USDA is projecting a crop of 72.5 MMT, unchanged from their previous estimate. IF yields drop as harvest progresses (as they normally do), the final crop could be 1-2 MMT less…
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