Happy Easter to All!
Markets do trade on Sunday night
CZ / SX ratio 2.365 vs. last week 2.391
Sounds like trade talks are coming to a close with China.
Deal May early June
How about good faith jester and remove some tariffs on AG products.
Cattle on Feed report looks bearish
June cattle closed at an April month High close.
Weekly gap points 124.90 to 126.32 (DTN charts) which there using June contract.
If you want to see something crazy look at there Weekly and Monthly Feeder chart
using the Aug. Feeder contract.
Funds record short position and winning in grains
Soybeans Front month made a new year 2019 low at 876.50
The Corn low for the yr. is 352.50
Wheat just acts like the Titanic in the grain complex.
USDA says 92.8 mil acres of Corn planted
SD. and ND. are increasing there acreage by total 1.6 mil.
Last year farmers took 1.89 PP acres
5 yr. avg. 3.78
Record PP acres 2011 / 9.61
April Lows / Acreage for that yr. USDA
2016 / 347.25 94 mil
2017 / 357.25 90.2 mil (this seems like a possible scenario for this year)
2018 / 372 89.1
Weather next week looks warmer but still wet more Eastern Corn belt.
IMHO still long CZ risking a close under 375.