Recent Livestock Analysis
Summary of Futures
May 26 Corn closed at $4.5125/bushel, up $0.0825 from yesterday's close. May 26 Wheat closed at $5.9375/bushel, up $0.0175 from yesterday's close. May 26 Soybeans closed at $11.67/bushel, up $0.09 from yesterday's close. May 26 Soymeal closed at $334.4/short ton, up $4.7 from...
Market Commentary: Markets Discount Risk as Grains Quietly Hold Ground
Key Market Developments Macros & Energy: Outside markets continue to trade in a tug-of-war between escalation and de-escalation — and crude oil is right at the center of it. Overnight, crude pulled back toward $87 as headlines pointed to a potential resumption of peace negotiat...
Summary of Futures
May 26 Corn closed at $4.43/bushel, up $0.0275 from yesterday's close. May 26 Wheat closed at $5.92/bushel, up $0.0975 from yesterday's close. May 26 Soybeans closed at $11.58/bushel, down $0.0425 from yesterday's close. May 26 Soymeal closed at $329.7/short ton, down $2.2 fro...
Market Commentary: Wheat Rallies on Falling Conditions; Cattle Surge to New Records
The CBOT received several pieces of key fundamental information on Tuesday, including updated production figures from CONAB, the results of the USDA’s Monday Crop Progress report, and fresh export sales of corn to Mexico. The result was that wheat popped higher on growing concerns for yie...
Livestock Industry Margins
Beef packer margins deteriorated further last week to -$85/head, down from -$17/head the prior week, as continued strength in fed cattle prices again outpaced weakening boxed beef values. The Choice cutout declined $5.14/cwt to $386.41/cwt, while fed cattle prices rose $3.78/cwt to $388.36/cwt,...
Summary of Futures
May 26 Corn closed at $4.4025/bushel, down $0.0075 from yesterday's close. May 26 Wheat closed at $5.8225/bushel, up $0.1125 from yesterday's close. May 26 Soybeans closed at $11.6225/bushel, down $0.135 from yesterday's close. May 26 Soymeal closed at $331.9/short ton, up $0...
Market Commentary: Political Tail Still Wagging the Market Dog
Politics are once again the tail wagging the dog in commodity markets. U.S. negotiations with Iran fell apart (again) over the weekend after Iran refused to agree to a permanent end of its nuclear weapons program. Rather than a return to the recent status quo, however, markets are adjusting to...
JBS Strike Settled, Beef Sector Still Under Inflationary Pressure
JBS USA announced on Sunday that it has reached a new collective bargaining agreement with UFCW Local 7, allowing the Greeley beef production facility to return to normal operations. The plant had been on strike since 16 March, with approximately 3,800 workers affected. The plant has the capaci...
CFTC COT Report Analysis
Friday’s CFTC report showed funds paring back their net long position across the major ag futures contracts, ending a ten-week streak of net buying. Funds sold 62,000 contracts (6.4 percent) to their all-ags net long position last week with selling in corn, soybeans, and CBOT wheat respon...
Summary of Futures
May 26 Corn closed at $4.41/bushel, down $0.03 from yesterday's close. May 26 Wheat closed at $5.71/bushel, down $0.035 from yesterday's close. May 26 Soybeans closed at $11.7575/bushel, up $0.105 from yesterday's close. May 26 Soymeal closed at $331.8/short ton, up $14.2 from...
Market Commentary: Conflicting Factors Equals Mixed Day
There are so many conflicting narratives between war and peace, rain and drought, hopes and fears, that it was a mixed day of trading on Friday, and a mixed outcome for the week. For today, corn suffered its sixth lower day in the past seven trading sessions. There was high volume in soyb...
Summary of Futures
May 26 Corn closed at $4.44/bushel, down $0.0325 from yesterday's close. May 26 Wheat closed at $5.745/bushel, down $0.0575 from yesterday's close. May 26 Soybeans closed at $11.6525/bushel, up $0.0325 from yesterday's close. May 26 Soymeal closed at $317.6/short ton, up $3.5...
Summary of Futures
May 26 Corn closed at $4.5125/bushel, up $0.0825 from yesterday's close. May 26 Wheat closed at $5.9375/bushel, up $0.0175 from yesterday's close. May 26 Soybeans closed at $11.67/bushel, up $0.09 from yesterday's close. May 26 Soymeal closed at $334.4/short ton, up $4.7 from...
Market Commentary: Markets Discount Risk as Grains Quietly Hold Ground
Key Market Developments Macros & Energy: Outside markets continue to trade in a tug-of-war between escalation and de-escalation — and crude oil is right at the center of it. Overnight, crude pulled back toward $87 as headlines pointed to a potential resumption of peace negotiat...
Summary of Futures
May 26 Corn closed at $4.43/bushel, up $0.0275 from yesterday's close. May 26 Wheat closed at $5.92/bushel, up $0.0975 from yesterday's close. May 26 Soybeans closed at $11.58/bushel, down $0.0425 from yesterday's close. May 26 Soymeal closed at $329.7/short ton, down $2.2 fro...
Market Commentary: Wheat Rallies on Falling Conditions; Cattle Surge to New Records
The CBOT received several pieces of key fundamental information on Tuesday, including updated production figures from CONAB, the results of the USDA’s Monday Crop Progress report, and fresh export sales of corn to Mexico. The result was that wheat popped higher on growing concerns for yie...
Livestock Industry Margins
Beef packer margins deteriorated further last week to -$85/head, down from -$17/head the prior week, as continued strength in fed cattle prices again outpaced weakening boxed beef values. The Choice cutout declined $5.14/cwt to $386.41/cwt, while fed cattle prices rose $3.78/cwt to $388.36/cwt,...
Summary of Futures
May 26 Corn closed at $4.4025/bushel, down $0.0075 from yesterday's close. May 26 Wheat closed at $5.8225/bushel, up $0.1125 from yesterday's close. May 26 Soybeans closed at $11.6225/bushel, down $0.135 from yesterday's close. May 26 Soymeal closed at $331.9/short ton, up $0...
Market Commentary: Political Tail Still Wagging the Market Dog
Politics are once again the tail wagging the dog in commodity markets. U.S. negotiations with Iran fell apart (again) over the weekend after Iran refused to agree to a permanent end of its nuclear weapons program. Rather than a return to the recent status quo, however, markets are adjusting to...
JBS Strike Settled, Beef Sector Still Under Inflationary Pressure
JBS USA announced on Sunday that it has reached a new collective bargaining agreement with UFCW Local 7, allowing the Greeley beef production facility to return to normal operations. The plant had been on strike since 16 March, with approximately 3,800 workers affected. The plant has the capaci...
CFTC COT Report Analysis
Friday’s CFTC report showed funds paring back their net long position across the major ag futures contracts, ending a ten-week streak of net buying. Funds sold 62,000 contracts (6.4 percent) to their all-ags net long position last week with selling in corn, soybeans, and CBOT wheat respon...
Summary of Futures
May 26 Corn closed at $4.41/bushel, down $0.03 from yesterday's close. May 26 Wheat closed at $5.71/bushel, down $0.035 from yesterday's close. May 26 Soybeans closed at $11.7575/bushel, up $0.105 from yesterday's close. May 26 Soymeal closed at $331.8/short ton, up $14.2 from...
Market Commentary: Conflicting Factors Equals Mixed Day
There are so many conflicting narratives between war and peace, rain and drought, hopes and fears, that it was a mixed day of trading on Friday, and a mixed outcome for the week. For today, corn suffered its sixth lower day in the past seven trading sessions. There was high volume in soyb...
Summary of Futures
May 26 Corn closed at $4.44/bushel, down $0.0325 from yesterday's close. May 26 Wheat closed at $5.745/bushel, down $0.0575 from yesterday's close. May 26 Soybeans closed at $11.6525/bushel, up $0.0325 from yesterday's close. May 26 Soymeal closed at $317.6/short ton, up $3.5...