Crop Progress Update 5.16.22
With news out over the weekend that India banned Wheat exports (traded limit up), Beans and Corn joined the bullish momentum. In the end, will US weather take over the headlines for Beans and Corn?
Planting has gone well for Corn, and without the Wheat push, Oliver believes we are at the top end of the range.
A sharp move lower on the open for Feeder Cattle correlated to the dip in the Corn market. They moooved back to almost unch by mid-day, indicating traders may be looking for the Corn market to stall out a little bit.
Live Cattle has also found some traction today, as frustration has been present lately with Cash stabilizing, while Futures have steadily sold off.
Lean Hogs performed well today, but there is still a lot of technical damage to repair. What can happen if we get above $105 for the June contract?
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