In addition to negative USDA data, the macroeconomic factors have been sitting on the grain markets, too.
The deck is stacked against the cattle market for early-summer and early-fall fat cattle prices.
The favorable South American crop-weather, a shift in demand, and bearish USDA Acreage data helped keep a lid on upward movement.
For 2017, we are not going to get the same drop in production we’ve seen in recent years. It will fall, but nothing like normal.
Whether it’s a meeting with Mexico or recent and coming weather, Argentina is being watched by the U.S. corn market.
Despite a push higher in the corn market, the trade wants more evidence that this movement has legs.
Bulls need fund buying assistance if corn is going to see a significant breakout higher ahead of the acreage report.
We are getting a rally, in hogs, based on packers giving up their record margins from last quarter.
USDA’s monthly survey of feedlots found that December placements, new calves, and feeders entering feedlots to start their 3- to 7-month feeding visit ran 17.6% over last year.
Using trend yields, Allendale’s models suggest the current soybean rally has completed its job. July soybean futures are seen falling to $8.67 for the presummer low.