- Soybean prices trend moderately lower in Thursday’s session, in contrast
The recent spate of economic data continues to point to a weakening economy, but one that is not yet precipitously falling into recession.
- Summary
- Looking Ahead
- Guatemala Sugar Exports are Down While Domestic Demand Continues to Grow
- All-Time Record Low Veal Production in April
The wheat market has been on fire because of dry weather and recent frost in Russia, plus less than favorable conditions in Kansas.
Soybeans have been underpinned from flooding in Brazil and short covering by the funds.
Concerns of wet conditions slowing corn planting may be somewhat overblown as progress is not exactly behind the eight-ball.
China demand has resurfaced in the last few days as the trade reported Chinese purchases of “at least” two cargoes of U.S. soybeans in recent days, totaling around 130k Tonnes, for July shipment.
August Feeder Cattle opened higher, made the low at 259.90 and then rallied the rest of the session to the high at 263.00.
Gold and silver prices are sharply lower near midday Thursday, on heavy profit-taking pressure from the shorter-term futures traders as well as weak-handed longs being forced to liquidate their recently established positions that are now under water.
The average retail price of a gallon of regular gasoline in the United States was $3.58 on the Monday before Memorial Day, which was 1% higher than last year’s pre-Memorial Day gas price, the U.S. Energy Information Administration (EIA) said on Thursday.
U.S. stocks mainly rose Thursday, with the tech sector leading the way after positive earnings and guidance from AI leader Nvidia.
- Interest Rate Market Futures
- Stock Index Futures
- Currency Futures
- Gold - Silver - Copper
- Coffee - Cocoa - Cotton - Sugar
- Crude Oil
- Natural Gas
- Copper
- Gold & Silver
The S&P 500 and Nasdaq Composite rose to touch fresh intraday highs on Thursday after Nvidia's (NVDA) blockbuster earnings lit a fire under optimism that the AI rally has more room to run.
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- Futures & Weather
- Today
- Morning Ag Outlook
U.S. stock indexes are mixed Thursday as technology stocks propelled by a blowout profit report from Nvidia work against weakness elsewhere in the market.
Grains Rally Early Then See Farmer Selling: When Should Farmers Sell in a Weather Market?
- Wheat
- Rice
- Corn and Oats
Afternoon market recap: Corn prices also firm on Wednesday, while wheat faces modest declines.
- Slack continues to build
Corn, soybeans inch up on lingering market worries about South American crop conditions
- State Demand / Growth
- Business Investment
- Building Approvals
- Commencements
- Housing Lending
- Dwelling Prices
- Cotton
- FCOJ
- Coffee
At the Chicago Mercantile Exchange, live and feeder cattle were up ahead of widespread direct business and Friday’s USDA cattle on feed report.
- Willing But Able?
- London open
- Chart of the day: UK CPI
- For Week Ending 5/16/24
The U.S. Census Bureau and the U.S. Department of Housing and Urban Development jointly announced the following new residential sales statistics for April 2024
It was another straightforward consolidative day for U.S. equities where the major averages were relatively unchanged accompanied by flat NYSE breadth and extremely light volume.
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- USD/CHF Daily Outlook
- Commodity prices finish mostly lower
- Chart of the Day
An engineered takedown for Gold & Silver on Wednesday
Chuck talks about Bitcoin… (he didn‟t want to!)
In the week ending May 18, the advance figure for seasonally adjusted initial claims was 215,000, a decrease of 8,000 from the previous week's revised level. The previous week's level was revised up by 1,000 from 222,000 to 223,000.
In the space of just two months, cotton prices have been on a wild ride – first spiking to an 18 month high and then plummeting to an 18-month low (Chart 1).
- Asia open
- Chart of the day: Non-Commercial Positions On AUD
- Energies
- Metals
- Treasuries
In the euro area, focus turns to the May PMIs.
Cash trade last week was up another dollar at $186 and some analysts are calling for another rise this week.
Feeders were also able to take out an important level or high seen during the late April time frame but have yet to move above a key retracement level which would project a retest of their March high.
Soybeans saw a one day huge rally coming into this week, but prices have yet to make any new highs or lows since Mondays range.
Wheat prices have tried and failed several times to breakout above key resistance around the $7.10 level basis the July KC contract.
Corn tried to push up into their key resistance level around $4.80 basis the July contract last week but failed to see any follow through.
Cotton prices have been struggling to find a bottom for the last couple of weeks after a major collapse in prices over the last couple of months.
July Corn closed 3 ¼ cents higher ($4.61 ¼), Sept 1 ¾ cents higher ($4.70 ¼) & Dec 1 ¾ cents higher ($4.84)
May 22nd 2024
- Summary
- Looking Ahead
- Corn prices also firm on Wednesday, while wheat faces modest declines