Wheat hits major support

FOR TUESDAY: (8/28) We had the right idea to buy cattle but missed getting in. Wheat hit major support and sometimes you have to buy key numbers. Grains cycles still may be under pressure into at least Wednesday or longer, and not sure no-more-NAFTA news is a total saving grace as the grain trade ignored the new deal with Mexico.Continue reading

Bounces into Monday should set up sales

FOR MONDAY: (8/27) Warm weather may cause a little short-covering on Monday but we need the crops to dry out now and the forecast for the first few weeks of September is helpful. Any bounces into Monday should set up sales. COF report was bearish but market is very oversold so we may get Cattle on Fade reaction.Continue reading

Lower corn support could fall to 358.50-353.00.

FOR FRIDAY: (8/24) Grain cycles are still weak into Monday and while we had this week lower, we were unable to get anything short. Rain has come on time in August, increasing the chances for big soybean and corn crops. Farmers need to empty bins of old crop supplies, producers need to price basis and price later contracts before Aug. 31, and long positions must move out of the nearby contracts before first notice day. Some position squaring continuing before the COF report on Friday.Continue reading

Inflationary cycles peak on Monday

FOR MONDAY: (8/20) Inflationary cycles peak on Monday and it could pull grains up for a final flourish but grains look lower the rest of the week and inevitably Chinese talks will fail and the market will head lower. At the point where we have to worry about seasonal pressure starting to come in. Cattle look lower all week and hogs are in Chinese heaven and it may last until Wednesday.Continue reading

Expect grains will hold up on Friday

FOR FRIDAY: (8/17) Expect that grains will hold up but could be lower on Sunday/Monday if there’s any surprise negative news from China. Hard to take anything home, and the optimism about China may hold the market up into Monday until there is the next disagreement. Tired of this story. Cattle didn’t go down and could go up one more day.Continue reading

Beans lower on Thursdays

FOR THURSDAY: (8/16) Usually we can count on grains moving lower on Thursdays, and Wednesday’s failure is a reminder that this market is still a bit on the ropes. Weather is cooling and wetter and that will alleviate any late concerns about beans. Cattle recovered but unlikely we’ll stick around too much longer, as we had a cycle high here.Continue reading

Meats remain a bit sickly

FOR WEDNESDAY: (8/15) Grains bounced to the upper edges. Much more and beans will issue a buy signal, and the bounce looks healthy. Meats remain a bit sickly but we bought in case they find some strength.Continue reading

Max bounce on wheat is 540.50 or 546.50

FOR TUESDAY: (8/14) While farm prices eroded on follow-through selling from USDA’s bearish corn and soybeans estimates Friday, stock values around the world fell on spreading concerns about the financial crisis in Turkey, where the lira made a new all-time low. Rains are headed to the southern Plains and Midwest over the next week as the weather outlook improves for finishing crops.Continue reading