Grain, livestock markets remained mixed ahead of USDA data
Prospects for continued short-term weakness seemingly weighed upon CME live cattle futures Thursday, with traders apparently expecting flat early-week cash activity and the Wednesday Chicago breakdown to drag country prices lower later today and/or tomorrow. It would be easy to assume futures are headed lower, since the nearby contracts fell below their closely-watched 40-day moving averages yesterday, but they appear to be trying to hold above the confluence of their 50 and 100 moving averages, so a bearish follow-through is not guaranteed. February cattle finished unchanged at 131.55 cents/pound Thursday afternoon, while April dipped 0.27 cents to 135.10.
Although anecdotal cash market reports implied country hog prices were slipping again Thursday morning, CME lean hog futures traded in a mixed fashion. This very likely reflects some ideas that their Wednesday breakdown was overdone, but technicians could also argue that it represents a reaction to their relative chart positions. That is, the nearby February future remains well above its December lows, whereas the April and June contracts have fallen to their lowest levels since October. Thus, they seem more vulnerable to sustained short-term weakness, especially since the industry is now looking for larger spring-summer hog supplies than was the case prior to the December Hogs & pigs report. February hogs settled 0.40 cents higher, at 84.60 cents/pound Thursday, while its June counterpart rose 0.35 cents gain to 96.55.
- Ag markets posted a mixed showing before the long weekend
- Central American farmers generate energy from coffee wastewater
- Big potential in China for U.S. corn, livestock exports
- Outback Guidance introduces next generation auto steer systems
- Ag markets proved quite mixed again Friday morning
- Court ruling in Hawaii finds that crop protection is state law
- No El Niño in 2014? Drought-weary California in trouble
- Suspected Bt corn rootworm resistance in Pennsylvania
- Commentary: Setting the record straight on 'Waters of the U.S.'
- Soybean aphid numbers on the rise
- BioNitrogen to build second fertilizer plant in Texas
- Pinnacle Agriculture, Tecomate Wildlife form alliance