Corn Rebounds in an inside Trading Session; Midwest Basis, Brazilian Weather Important: CBOT corn futures ended firmer in lackluster volume. The market is acutely aware of risks associated with Dec-Feb feed/residual and activity between now and Tuesday will simply be based on position squaring. Post-USDA report weakness will be absorbed quickly with a new US…
Hog Futures Trade Higher on Cash Market Strength: April hog futures pushed to a new contract high on Tuesday, while June/July futures were both over $100. Pork cutout futures posted strong gains, with May gaining $2.30 while June stopped just short of $108. The cash hog index gained $1.00/cwt to $92.71. The pork cutout gained…
Plains Receive Second Round of Needed Precip; Positive Soil Moisture Anomalies Widespread Everywhere but N Plains: The attached graphic displays 14-day precip accumulations. Abnormal dryness/drought perists across the Dakotas and Canadian Prairies, but storms have left soil moisture surpluses elsewhere across the Plains, Delta and the S Midwest. Moderate rainfall of .50-1.00” moves across the…
US Wheat Futures Score Spring Low; Concern over Russian Production, Exports Linger: US wheat futures ended higher, led by Chicago despite favorable Plains weather. ARC has detailed that nearby rallies struggle without weather issues, but the longer-term outlook is bullish via record global consumption – which rises further during the 2021/22 crop year. Paris milling…
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