9-08-2019
Thursday 12th USDA Report
Friday 13th (great as if grain and livestock markets need this)
Last Trading Day Sept. contracts
Seasonal we should see a bounce very soon
Front month Corn last yr the low was (DTN chart) 337.25
Front month Corn unchanged for the year is 375
Dec. Corn has resistance at 375, 385.50 (4 week avg) and the gap at 388-392.75. This contract also started the yr. at 395.25
Funds are short and old crop corn is moving by the producer.
Demand:
YES our exports are lagging and ethanol usage is down. BUT IMHO we put way too much in the lack of exports and market action.My last take was Corn Usage:
Ethanol 39%
Feed and Residual 37%
EXPORTS 13%
other / seed etc. 11%
We won’t really know until January and beyond yields for both Corn and Beans. Let the combines roll and it will be a late harvest.
Keep an eye on S.A. weather now.
Cattle:
1) we took out last yr. lows of 97.07
2) were at 3 yr. lows
3) 9 yr. low is 94.30
4) June 2010 low was 87.20
Monthly continuous charts
Plant based meat is really taking front seat and in a hurry.
Be safe
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