Corn futures took a massive hit on old crop today with new crop also getting smacked. The rumor mill was talking about China cancelling some existing corn orders. China has imported 1.76 MMT for the first four months of the year according to China Customs Statistics Information Center in Hong... (full story)
Soybeans ended the session double digits lower with both old and new crop under pressure. Rumors of China cancelling corn orders had traders concerned that could lead to cancellations of other crops although it is still a rumor. The new 6 to 10 day forecast was positive to crop production.... (full story)
Wheat was unable to escape the sell off in the other grains and closed lower on all three exchanges. The crop conditions did deteriorate from last week, especially in KS but are still significantly better than last year. The latest 6 to 10 day forecast is calling for normal precipitation in NE... (full story)
Cattle futures are trading higher after backing off from resistance yesterday at the 50% support resistance point. Wholesale beef prices are mixed this morning after the Choice hit the highest level since early March yesterday. Choice is down $0.08 and Select is up $0.68 putting the spread at... (full story)
Lean Hogs were sharply lower on the close sealing the gaps left last week on the June contract. The CME lean hog index for 5/18 was $83.23, up $1.21 from the day before. The pork carcass cutout value was sharply lower on 107.75 loads. Pork trading was slow to moderate with mostly light to... (full story)
Cotton futures closed the 300 limit lower today in what appeared to be liquidation selling. The weak global economic picture got weaker today with Greece having an alternative plan so depart from the EU if necessary although they state that is not their intention. The Cotlook A Index was 86.00... (full story)
Corn futures are trading lower and near the lows of the day at the time of this writing. Corn planting is way ahead of the five year average and the Brugler500 index is 388, the highest for this date since 2007. That year featured a yield below trendline, but 1994 also had a strong early start... (full story)
Soybeans are trading double digits lower. Iowa is now experiencing the driest 30 days since 1881 fueling concern about uneven stands. Old crop prices are above the 100 day moving average but have been posting lower highs and lower lows this month. New crop futures are hovering around the 100 day... (full story)
Wheat is trading lower for all three exchanges but off earlier session lows and in the upper portion of the days price range as of this writing. The Brugler500 Index dropped to 353 after the USDA condition ratings came out. That was down 2 points from the previous week. HRW ratings were down 7... (full story)
Cattle futures are trading higher after backing off from resistance yesterday at the 50% support resistance point. Wholesale beef prices are mixed this morning after the Choice hit the highest level since early March yesterday. Choice is down $0.08 and Select is up $0.68 putting the spread at... (full story)
Lean Hogs are trading lower with short term technical indicators overbought. The CME lean hog index for 5/18 was $83.23, up $1.21 from the day before. The pork carcass cutout value was supported by a strong performance by the loins with all the other cuts lower yesterday afternoon. Pork trading... (full story)
Cotton futures are trading the 300 limit lower this morning in what appears to be liquidation selling. The weak global economic picture is keeping the pressure on as is the stronger dollar. The Cotlook A Index was 86.00 down 0.40. Cert Stocks as of May 21st are 152,106, unchanged from the... (full story)
Corn futures are trading 5 1/2 cents lower this morning on both old and new crop. Export inspections YTD are down 8.3% from last year at 1.16 billion bushels. China took nearly 3 Mbu last week. After the close yesterday USDA reported that 96% of the US corn crop is planted, ahead of the 81%... (full story)
Soybeans are trading 1 to 3 lower on old crop and 5 cents lower on new crop. Iowa is now experiencing the driest 30 days since 1881 fueling concern about uneven stands. November futures got support from the dryness in KS, which is curbing some plans to plant full season double crop beans after... (full story)
Wheat is trading 13 lower for SRW, 7 lower for HRW and steady for HRS wheat vs. the Monday settlement. Concern for winter wheat condition and yields was justified, with the Brugler500 Index dropped to 353 after the USDA condition ratings came out. That was down 2 points from the previous week.... (full story)
Cattle futures are called 15 to 30 cents higher for the pit session. They were lower on Monday on profit taking after the Cattle on Feed report. Estimated Monday slaughter was 126,000 head, down from 127K last week and 131K a year ago. Wholesale prices were mixed on light to moderate offerings.... (full story)
Lean Hogs are expected to start the day session 15 to 20 cents lower. All contracts were lower yesterday. The CME lean hog index for 5/17 was $82.02, up $1.21 from the day before. The pork carcass cutout value rose 21 cents, thanks to a strong performance by the loins. Estimated daily slaughter... (full story)
Cotton futures are trading 71 to 82 points lower this morning after a lower close again on Monday. The weak global economic picture is keeping the pressure on. The Cotlook A Index was 86.40 +1.00. Cert Stocks as of May 18th are 152,106 with 83 new certs and no bales awaiting review. After the... (full story)
Corn futures closed mostly higher, with old crop July an exception. Export inspections released this morning were 23.26 Mbu vs. 27.63 Mbu last week and 36.07 Mbu the same week last year. China took nearly 3Mbu. Early corn pollination may be struggling in the southern states that are experiencing... (full story)
Soybeans were higher across the board, with new crop in the bullish lead. Iowa is now experiencing the driest 30 days since 1881 fueling concern about uneven stands. The July-Nov inverse is narrowing as concerns develop about a hotter, drier weather trend ahead. Soybean planting is progressing,... (full story)