OliverSloup_BlueLine

OliverSloup_BlueLine

Fundamental Snapshot China Weaker than expected growth in China was reported overnight, with real estate leading the way to the downside. The weaker than expected data prompted their Central Bank to announce a surprise interest rate cut. We are seeing the slower growth data have ripple effects in commodities this morning with oil down over 5% and soybeans down...

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Daily Cutout Values Choice: 263.37, UP .27 from the previous day. Select: 239.59 Up 2.13 from the previous day. Choice/Select Spread: 23.78 5 Area Average Cattle Price Live Steer: 144.3 Live Heifer: 143.69 Dressed Steer: 229.95 Dressed Heifer: 229.88 Daily Slaughter Estimated at 118,000. 3,000 more than last week and 2,000 more than the same week last...

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Lean Hogs Daily Direct Hogs Plant Delivered (as of 1:30 PM CT) Carcass Base Price Range: 114.00-136.00 Weighted Average: 123.69 Change from Prior Day: 2.32 Head Count: 6,089 Daily Hog Slaughter 440,000. Down 12,000 from last week and 24,000 from last year. Commitments of Traders Update Friday’s Commitments of Traders report showed that Managed Money were net...

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Fundamental Snapshot WASDE Estimates Reuters has complied estimates for Friday’s WASDE report. The average analyst estimate for corn yield is 175.9, with production at 14.392. The average estimate for soybean yield is 51.1, with production at 4.481. Over the years, the August report has been known to offer big surprises to the market. Weekly Export Sales Corn:...

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Cattle Daily Cutout Values Choice: 263.23, Down 1.50 from the previous day. Select: 237.08 Down .62 from the previous day. Choice/Select Spread: 26.15 5 Area Average Cattle Price Live Steer: 146.00 Live Heifer: 139.15 Dressed Steer: 231.87 Dressed Heifer: N/A Daily Slaughter is estimated at 126,000. 2,000 more than last week and 8,000 more than the same week...

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Hogs Daily Direct Hogs Plant Delivered (as of 1:30 PM CT) Carcass Base Price Range: 115.00-138.00 Weighted Average: 132.48 Change from Prior Day: 1.35 Head Count: 25,266 Daily Hog Slaughter 474,000. 5,000 more than last week and unchanged from last year. Weekly Export Sales Pork: Net sales of 21,500 MT for 2022 were down 31 percent from the previous week and 6...

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Fundamental Snapshot Crop Progress Yesterday’s weekly crop progress report showed further declining crop conditions. Good/Excellent conditions for soybeans were down 1%, to 59%, which was in line with expectations. However, corn G/E ratings fell 3%, to 58%, 2% lower than expectations. Private Estimates DTN released their yield estimates for corn and soybeans...

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Fundamental Snapshot Crop Progress Yesterday’s weekly crop progress report showed further declining crop conditions. Good/Excellent conditions for soybeans were down 1%, to 59%, which was in line with expectations. However, corn G/E ratings fell 3%, to 58%, 2% lower than expectations. Private Estimates DTN released their yield estimates for corn and soybeans...

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Fundamental Snapshot Weekly Export Sales Corn: Net sales of 57,900 MT for 2021/2022 were down 62 percent from the previous week, but up 31 percent from the prior 4-week average. Net sales of 256,700 MT were reported for 2022/2023. Soybeans: Net sales reductions of 11,000 MT for 2021/2022 were down 81 percent from the previous week and 90 percent from the prior...

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Tuesday's Slaughter is estimated at 124,000. 1,000 less than last week, but 1,000 more than the same week last year. Tuesday's Cutout Values Choice: 268.46, Down 2.14 from the previous day. Select: 241.55, Down 1.35 from the previous day. Choice/Select Spread: 26.91 5 Area Average Cattle Price Live Steer: N/A Live Heifer: N/A Dressed Steer: N/A Dressed Heifer:...

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Gold futures are up against significant resistance, which is also in line with the psychologically significant $1800 level. A break and close above this level could help spur another leg hihger, with the next resistance coming in from 1841.40-1852.80. On the flipside, a failure could send prices back near $1750. Keep a close eye on the USD and geopolitical...

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Friday’s Slaughter is estimated at 124,000. 5,000 more than last week and 11,000 more than the same week last year. Friday’s Cutout Values Choice: 269.24, Up 1.47 from the previous day. Select: 242.25, Up 1.44from the previous day. Choice/Select Spread: 26.99 5 Area Average Cattle Price Live Steer: 139.07 Live Heifer: 137.73 Dressed Steer: 225.42 Dressed Heifer:...

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Tuesday’s Slaughter is estimated at 125,000. Unchanged from last week, but 6,000 more than the same week last year. Tuesday’s Cutout Values Choice: 269.11, Up 1.00 from the previous day. Select: 243.88, Down 1.12 from the previous day. Choice/Select Spread: 25.23 5 Area Average Cattle Price Live Steer: 141.00 Live Heifer: N/A Dressed Steer: N/A Dressed Heifer:...

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Wheat Technicals (September): September wheat futures are on the verge of getting out above the upper end of our pivot pocket, 815. If the Bulls can achieve a close above here, we could see the market make an attempt at last week’s highs, 834-843 ½. Bias: Neutral/Bullish Previous Session Bias: Neutral/Bullish Resistance: 834-843 ½***, 898 ½-903****,...

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Soybeans Technicals (September): September wheat futures are officially over a dollar off Friday’s low, testing the 200-day moving average and the upper end of our first resistance pocket, 1411 ¾. If the Bulls can keep the momentum going above here, we could see a retest of the congestion pocket from 1444 ½-1455. Our bias has been at Neutral/Bullish aka cautiously...

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Corn Technicals (September): September corn futures didn’t see much follow-through early in the overnight session but are firming up this morning, taking out yesterday’s highs. Previous resistance is now support, that comes in from 586-589. If the Bulls can continue to defend this pocket, we could see an extension of the relief rally take us to the 624-630 area....

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Lean Hogs Commitments of Traders Update: Friday’s CoT report showed Managed Money were net buyers of 5,411 futures/options through July 19th. This expands their net long position to 45,435 contracts. Technicals (October): October lean hogs were able to breakout above the top end of the range from May and June, this could propel prices back to the march...

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Friday's Slaughter is estimated at 119,000. 1,000 less than last week, but 7,000 more than the same week last year. Friday's Cutout Values Choice: 267.12, Down .64 from the previous day. Select: 242.50, Up 1.97 from the previous day. Choice/Select Spread: 24.62 5 Area Average Cattle Price Live Steer: 140.65 Live Heifer: 138.50 Dressed Steer: 227.51 Dressed...