I hope everyone is doing well. This is short trading week because the markets and Daniels Trading is closed on Good Friday. I will be out of the office next week for Spring Break with my wife and four children (7 years old, 5, 3, and 1)…PARTY!!!!
- John Payne and I just put out our latest podcast and we talk about Grains and Livestock. Click here to listen to the new Inside Commodity Futures podcast.
- Our March MRCI trade review of the month features Soybean Oil vs Soybean Meal. This seasonal trade starts tomorrow March 22nd. Click here to read MRCI March trade review for Dec 2016 Oil vs Dec 2016 Meal.
- Turner’s Take Ag has released the 2016 Corn Outlook report. Turner’s Take Ag sees 2016 corn prices having a possible range from $3.25 to $4.20 in the Dec 2016 futures given a normal weather year. If we have weather issues prices could push higher to a range of $3.50 to $4.50 based on Dec 2016 corn futures. To find out more about how we determine these prices and what to look for this crop year please sign up below for our 2016 Corn Outlook report from Turner’s Take Ag.
CATTLE | Cattle on Feed (CoF) came out on Friday and it was considered neutral to bearish. Cash prices were about $139 at the end of last week and the bulls were looking for $141 to $142. Combine the let down in cash prices, the overbought nature of the market, and the bearish CoF report and the market is reversing (see chart below). April Cattle will be a test between a tight cash market and a bearish forward market. Cash trade should be limited this week with Good Friday and Easter this week. Bias is lower in the market with support around 135 and resistance 142.
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