Live cattle futures are expected to see some pressure on the opening bell today as the February USDA Cattle-On-Feed report Friday afternoon was considered to be neutral to slightly bearish as some of the data was already priced into the market.\r\n The USDA report showed the number of cattle populating US feedlots of 1,000 … Read More
Turnaround Tuesday Threatens To Undo Monday As Soybeans Fade
It’s Tuesday in Chicago, a day when commodity markets sometimes reverse themselves from Monday’s action. Such are the concerns of many soybean traders this morning as overnight action appears to be reversing Monday’s sharp gains in an attempt to fill chart gaps left on daily charts Monday.\r\n Overnight soybean price declines haven’t been enough … Read More
Chicago Futures Weaker After USDA Production Estimates
Chicago futures prices are weaker this morning following the USDA’s release of its projected planting and production estimates at its annual Outlook Conference.\r\n The USDA projected 2014 US corn plantings at 92.0 million acres, compared with its baseline estimate of 93.5 million and 95.4 million last year. Officials also estimated an average price of … Read More
Hog Industry To Take New York Times Heat
The US hog industry will get a battering this morning from a New York Times Op-Ed piece by columnist Nicholas Kristof. He wrote about an undercover investigation into practices at Iron Maiden Farms, a Kentucky producer, by the Humane Society of the United States.\r\n The column http://www.nytimes.com/2014/02/20/opinion/kristof-is-that-sausage-worth-this.html?smid=tw-share talks about the use of gestation crates, … Read More
US Consumers Drifting Back Into Old Meat-Buying Habits
US consumers may be drifting back to pre-recession meat-buying habits – buying more meat and willing to pay more to get it. This could help explain why wholesale beef prices continue tickling record highs.\r\n The Food Marketing Institute and the American Meat Institute Tuesday published its ninth annual Power of Meat Survey results, which … Read More
Soybeans Lead Corn, Wheat Higher On Lower Brazil Estimates
Soybean futures are leading corn and wheat higher in overnight trading as Brazilian consulting firms cut the country’s crop size estimate because of dry-weather concerns, market analysts said.\r\n AgRural, a Brazilian consulting firm, Monday cut its estimate of the country’s soybean crop by 1.8 million tonnes from its previous estimate to 87.0 million from … Read More
Cattle Futures Follow Through With Thursday’s Gains
Live and feeder cattle futures are up in overnight trading, following through with steep gains on Thursday on lower corn prices despite what should have been a supportive weekly export sales report.\r\n March feeders gapped higher Thursday and continued to move up to a new contract high of $170.75 per cwt, eclipsing the previous … Read More