Market Analysis
This week’s trade is officially in the books and it left a few markets at some pivotal spots as we head into next week’s trade.
Grain futures have had a quiet overnight and early morning trade. Will the market be able to finish the week on a high note?
Grain markets have been able to stage a nice little rally recently, is there more upside left or will the rally fizzle out?
Wheat futures rallied to our 4-star resistance pocket in the overnight/early morning trade. Will that level be defended or is there more upside left?
Lean hogs took out technical resistance which may have put an added tailwind in prices, are new highs in the cards or is this market overextended?
Yesterday marked the third straight day of gains for many of the grain markets, can the rally continue through the week?
Grain markets were sharply higher in the first trading day of the week, will that strength continue in today’s trade or will resistance hold?
Corn and soybeans are trading near unchanged while wheat futures are adding on to Friday’s gains.
USDA is Discontinuing A Major Cattle Report, And it Could Now Spur More Volatility For Cattle Prices
USDA National Agricultural Statistics Service (NASS) announced it’s canceling the July Cattle Inventory Report. In the announcement, NASS blamed budget cuts from the most recent appropriations bills.
Grain markets continue to consolidate ahead of tomorrow’s monthly WASDE report.