OliverSloup_BlueLine

OliverSloup_BlueLine

Wheat Commitments of Traders Update: Friday’s CoT report showed Managed Money were net sellers of 372 futures/options contracts through July 19th. This expands their net short position to 6,816 contracts. Broken down that is 61,465 longs VS 68,281 shorts. Fundamentals: As with the corn market, wheat futures are rallying this morning on concern that the deal to...

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Corn Commitments of Traders Update: Friday’s CoT report showed Managed Money were net sellers of 25,871 futures/options contracts through July 19th. 24,916 of this was long liquidation, just 955 were new short positions. This shrinks their net long position to 125,303 contracts. Broken down that is 202,400 longs VS 77,097 shorts. Fundamentals: Corn futures had...

OliverSloup_BlueLine

Wheat Fundamentals: This morning’s weekly export sales report showed net sales of 511,100 metric tons (MT) for 2022/2023 were down 50 percent from the previous week and 10 percent from the prior 4-week average. Technicals: Wheat futures are holding their own this morning, relative to the pressure we are seeing in corn and beans. We mentioned in recent Tech Talks...

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Soybeans Fundamentals: This morning’s weekly export sales report showed Net sales of 203,500 MT for 2021/2022 and 254,700 MT for 2022/2023. Yesterday morning, private exporters reported sales of 136,000 metric tons of soybeans for delivery to China during the 2022/2023 marketing year. Technicals: The 200-day moving average has held as support over the last few...

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Corn Fundamentals: This morning’s weekly export sales report showed net sales of 33,900 MT for 2021/2022 were down 43 percent from the previous week and 82 percent from the prior 4-week average. -Net sales of 570,200 MT for 2022/2023 Techncials: Corn futures have broken below our 4-star support pocket from 586-589, taking out the lows from July 5th and 6th. This...

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*Cold storage report will be out tomorrow afternoon Lean Hogs Technicals (August): Lean hog futures finally showed some more conviction in their recent breakout move above significant resistance from 111-112ish. This opens the door to a potential test of first resistance, 116.325. The more significant resistance comes in closer to 120. The RSI (at the bottom of...

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Wednesday’s Slaughter is estimated at 124,000. 2,000 less than last week, but 6,000 more than the same week last year. Wednesday’s Cutout Values Choice: 270.53, Down 2.04 from the previous day. Select: 242.25, Down 1.48 from the previous day. Choice/Select Spread: 28.28 5 Area Average Cattle Price Live Steer:136.59 Live Heifer: 136.56 Dressed Steer:...

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Wheat Fundamentals: Yesterday’s weekly export inspections report came in at 185,989 metric tons, well below the 532,898 we saw in the same week last year. The weekly Crop Progress report showed good/excellent ratings for spring wheat at 71%. 68% of the crop is headed. Winter wheat harvest is 70% complete. Technicals (September): Wheat futures continue to...

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Soybeans Fundamentals: Yesterday’s weekly export inspections came in at 362,622 metric tons, roughly 4,000 more than last week. The weekly Crop Progress report showed good/excellent conditions at 61%, 1% lower than last week. 48% of the crop is blooming. Technicals: August soybean futures ran up into our congestion pocket yesterday, which we had listed as 1513...

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Corn Fundamentals: Yesterday’s weekly export inspections came in at 1,073,972 metric tons, right in line with what we saw for the same week last year, 1,076,668 metric tons. Yesterday’s crop progress report showed good/excellent conditions at 64%, unchanged from the previous week. Iowa leads the way with a rating of 81%. Illinois had the biggest weekly gain of...

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Lean Hogs Technicals (August): Lean hog futures “broke out” above the upper end of their range, trading to their highest price since April 29th. The higher trade lacked conviction and follow through, which is keeping our excitement mute. There’s now a gap below the market that we will need to keep an eye on. Previous resistance will now act as our pivot pocket,...

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Monday’s Slaughter is estimated at 125,000. Unchanged from last week, but 9,000 more than the same week last year. Monday’s Cutout Values Choice: 270.55, Up 1.64 from the previous day. Select: 242.66, Up .87 from the previous day. Choice/Select Spread: 27.89 5 Area Average Cattle Price Live Steer:142.12 Live Heifer: 139.98 Dressed Steer: 229.48 Dressed Heifer:...

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Lean Hogs Commitment of Traders Update: Friday’s Updated CoT report showed Managed Money were net buyers of 11,450 futures/options contracts through July 12th This expands their net long position to 39,934 contracts. Technicals (August): August lean hog futures traded at the upper end of the two-month range last week. Resistance remains intact from 111.30-112.00....

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Soybeans Commitments of Traders Update: Friday's CoT report showed Managed Money were net sellers of 25,717 futures/options contracts through July 12th. Majority of this was long liquidation, 17,257 contracts. This shrinks the net position of Managed Money to 95,711 contracts. Technicals (August) : Soybeans have been frequent flyers of the 200-day moving average...

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It's a risk-on day in the outside markets with many sectors catching a tailwind on a softening U.S. dollar. Corn Commitments of Traders Update: Friday's CoT report showed Managed Money were net sellers of 21,693 contracts, shrinking their net long position to 151,174 contracts. Broken down, 16,972 was long liquidation and 4,721 were new shorts. Technicals: Corn...

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Soybeans Fundamentals: Chinese GDP missed expectations last night, coming in at .4% in the second quarter from a year ago. Analysts were expecting growth at 1%. Retail sales in China rose more than expected, to 3.1%. On deck is U.S. retail sales, 7:30 AM CT. This will likely have an impact on outside markets, which have recently had an impact on money-flow in...

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Corn Fundamentals: Consolidation continues to be the name of the game, which was actually encouraging yesterday morning when many other commodity markets were full on risk-off. To us, that indicated good underlying near term strength in the market as we inch closer to the weekend. Technicals (September): Not much has changed on the technical landscape over the...

OliverSloup_BlueLine

Live cattle futures are on the verge of a technical breakout, something that we've been rooting for for some time now. The cash market remains firm, and the charts are getting more constructive. Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical...