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Tuesday, April 23, 2024 11:50:19 AM
Agriculture Master Report
By: Bill Moore | April 23, 2024
JULY WHEAT
A plethora of bullish fundamentals have driven July Wht to two month highs – including historical cheapness, dryness in the US Southern Plains & Russia & military strikes into Ukraine perpetrated by Russia! Also, Russia has had recent difficulties with its export system! These factors coupled with a probable upside technical break-out could finally signal a long-awaited bottom in July Wht!
JULY CORN
July Corn was “down & dirty” at the end of last wk breaking out of its consolidation pattern on the downside, but it quickly reversed with solid gains Friday & today as the contract quickly marched up to the top end of its March trading range! Marketing year high export inspections of 1.623mmt also helped – as well as July Wht’s 20 cent upside explosion to 7 wk highs! The corn contract has dropped $2.00 since last summer -in the process factoring in a lot of bearishness – including adequate stocks & slack exports! Since the 1st, exports have run about 35% over 2023! At current levels, July Corn can allow no margin for error – should there be any glitches in the US Crop!
JULY BEANS
July Beans rode the short-covering wave that engulfed grains today as harvest is nearly complete in Brazil & dryness persists in Argentina! Flash sales have begun appearing regularly with 3 last week & the fund short position is quite large – as well, the mkt is $2.50 off last Summer’s highs! Spiller-over from wheat was prominent as global dryness in wht areas & geopolitical issues sent wht more than 20 cent higher! Bean stocks are not abundant & there is no weather premium in the mkt as planting is just beginning!
JUNE CAT
Cattle-on-Feed reports have been widely unpredictable of late & the April version issued last Friday at 2pm was no exception! Placements came in at 88% (est-93) after last months 110% which started cattle’s $16 slide! The expected reaction was a gap-higher, sharply higher close as the mkt rallied to the midpoint of the recent break! Two factors helped encourage the rally – one was the realization that the Bird Flu impact was mitigated & two is the grilling season we’re currently in – cattle’s best demand period of the year!
JUNE HOGS
June Hogs basically jumped on board the short-covering rally in grains & cattle posting modest gains but closing within $3.00 of the recent of its recent highs! They are also the beneficiary of an excellent demand as folks roll out their grills! Also, recent slaughter & avg weights have been down & exports up as China’s recent herd liquidation has leveled out!
Read Full Story »»»
DiscoverGold
By: Bill Moore | April 23, 2024
JULY WHEAT
A plethora of bullish fundamentals have driven July Wht to two month highs – including historical cheapness, dryness in the US Southern Plains & Russia & military strikes into Ukraine perpetrated by Russia! Also, Russia has had recent difficulties with its export system! These factors coupled with a probable upside technical break-out could finally signal a long-awaited bottom in July Wht!
JULY CORN
July Corn was “down & dirty” at the end of last wk breaking out of its consolidation pattern on the downside, but it quickly reversed with solid gains Friday & today as the contract quickly marched up to the top end of its March trading range! Marketing year high export inspections of 1.623mmt also helped – as well as July Wht’s 20 cent upside explosion to 7 wk highs! The corn contract has dropped $2.00 since last summer -in the process factoring in a lot of bearishness – including adequate stocks & slack exports! Since the 1st, exports have run about 35% over 2023! At current levels, July Corn can allow no margin for error – should there be any glitches in the US Crop!
JULY BEANS
July Beans rode the short-covering wave that engulfed grains today as harvest is nearly complete in Brazil & dryness persists in Argentina! Flash sales have begun appearing regularly with 3 last week & the fund short position is quite large – as well, the mkt is $2.50 off last Summer’s highs! Spiller-over from wheat was prominent as global dryness in wht areas & geopolitical issues sent wht more than 20 cent higher! Bean stocks are not abundant & there is no weather premium in the mkt as planting is just beginning!
JUNE CAT
Cattle-on-Feed reports have been widely unpredictable of late & the April version issued last Friday at 2pm was no exception! Placements came in at 88% (est-93) after last months 110% which started cattle’s $16 slide! The expected reaction was a gap-higher, sharply higher close as the mkt rallied to the midpoint of the recent break! Two factors helped encourage the rally – one was the realization that the Bird Flu impact was mitigated & two is the grilling season we’re currently in – cattle’s best demand period of the year!
JUNE HOGS
June Hogs basically jumped on board the short-covering rally in grains & cattle posting modest gains but closing within $3.00 of the recent of its recent highs! They are also the beneficiary of an excellent demand as folks roll out their grills! Also, recent slaughter & avg weights have been down & exports up as China’s recent herd liquidation has leveled out!
Read Full Story »»»
DiscoverGold
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
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