As for the US balance sheet, imports were lowered 10 Mil Bu to account for reduced crop size in Canada. Food use was raised slightly. ARC projects imports to be lowered another 10-15 Mil Bu, which along with reduced production pulls US HRS stocks to a near untenable 75 Mil Bu – vs. 235 Mil…
Fund Liquidation Drives Hogs Sharply Lower: CME hogs fell $2-3 at the end of the week on bearish technical considerations and continued weakness in the cash hog and pork markets. The CME cash index fell $.78 on Friday to $97.96 and will remain lower into next week. The pork cutout fell $3.60 to 105.10 and…
The USDA September Crop Reports were neutral with big surprises lacking. The market’s attention will now turn to the September Stocks report at the end of this month and actual harvest yield data that will start to be reported on a near daily basis next week. US export demand also plays a large price role.…
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