AgResource Hog Comment and Analysis
CME Hogs Advance at Midweek: CME hog futures were higher at the end of a quieter trading day. Early selling uncovered demand that left February hog futures back above the 50-day moving average for the 2nd straight day. April hogs marked the best gain for the day and marked the highest close since late November.…
AgResource Wheat Comment and Analysis
Spot CBOT Wheat Ends Exactly Unchanged; World Market Unable to Break from Established Range: World wheat futures ended mixed but broadly firmed. March CBOT ended exactly flat. Spot Paris milling wheat ended up $.06/Bu. Russian fob prices are unchanged at $245-247/MT for nearby delivery. The lack of direction makes fundamental sense. ARC expects USDA on…
Analysis of CONAB’s January Report
CONAB’s January crop report showed a 4.9 MMT (3%) reduction in CONAB’s estimate of the 2023/24 soybean crop size. The harvested area decreased fractionally, while the national average soybean yield was lowered by 3% to 3,431 Kg/Ha or 51 BPA. The yield forecast is 1.2 BPA below a year ago and 1 BPA below the…