Hog futures markets have some signs of turning around, although the product market is likely still a few weeks from a bottom
Roll Feb to April. We are running out of time on the Feb-Aug spreads. We need to roll the G into the J
Brazillian weather improves, pressuring corn as it looks like planting will happen on time. WASDE is the big event, be ready for tomorrow
Hogs remain torn between massive slaughters and virus fears against 20% monthly growth in exports. Seasonally, summer hogs look to bottom
Ag markets are trying to bounce as the global markets retrace higher. Corn traders start to get concerned over late corn planting in Brazil
Risk premium it being taken out of the curve at every point due to the fears of Coronavirus. Feb and April futures are below the index.
The Feb Aug spread is getting licked today as money runs out of the front of the curve. We think this is a bit over done up front and want to buy the April and Sell an Aug.
Deferred hog contracts are getting beat up because of the Coronavirus/travel bans in and out of China. Cover the Feb-April spread
Overnight markets chop as a corrective trade sets in. Its only a calm before the storm though, Shanghai markets wont reopen until Sunday
Demand grows as export sales hit record highs. Were not sure that will matter this morning as the China virus story brings out the sellers.