June lean hogs made new lows on Friday as trend-following funds continue to press the pedal to the metal. There’s not a clear indication of how things will open yet.
May corn continue to grind higher yesterday, despite news that two more ethanol plants will be closing, due to negative margins. Export sales this morning came in at a whopping 1,814,300 for old crop corn.
Cocoa futures have been weakened by demand and the global equity markets. As the US and European markets moved higher for back to back sessions for the first time since February, cocoa tried to bounce off a potential bottom in the May contract.
May soybeans extended their rally yesterday on the back of hopes for better demand and potential port disruptions in South America. The market is giving back some of those gains in the early morning trade.
Corn futures staged nice recovery early yesterday but failed to hold all the gains into the close. This morning, prices are working back towards the top end of yesterday’s range.
Outside markets will continue to have a bearing on the grain sector, if we can avoid the limit down days and peak panic environment like we saw yesterday, we think the market can focus back on its own fundamentals.
As we continue volatility in every market, cocoa continues to move lower. As the May contract tests lows put in at the end of 2019, demand for chocolate could take the front stage for cocoa futures.
Soybean futures got taken to the woodshed yesterday, alongside nearly everything else. Outside markets have firmed in the overnight/early morning trade which has helped offer relief to beans.
Soybean futures got taken to the woodshed yesterday, alongside nearly everything else. Outside markets have firmed in the overnight/early morning trade which has helped offer relief to beans.
