1-21-23
China this week starting today is on Holiday break (Lunar New Year)
Wed. 25th Cold storage report
Cattle On Feed
Feed 97% Est 96.8
Place 92% 91.5
Mrkt 94% 94.7
So nothing exciting about the report
MHO April Cattle range
Low 157.80-156.40
High 162.65-163.15
4 week avg April Cattle is 160.65
China said Indonesia will allow 11 Brazilian beef plants to export into
the country. Ministry added they may clear another 8 meat packers to sell
after the Lunar New Year holiday.
March Corn
4 week avg is 668.50
Last yrs. range for front month Corn the half is 693
Weekly avgs. 13 week = 665.75 26 week = 663.50 52 week = 690.25
Monthly 12 month avg = 693.50
Gaps for CH High end 730.25-732.75 Low end 595-591
Support CH 670.75 666.50 662.25 and IF we close under 662 655.50
Dec. Corn
4 week avg. 598.75
20 day ma 599.50 50 day = 602.25 100 day = 612.50
Support 591.50-587.50
March Beans
4 week avg. 1508.50
Last yrs. range front month Beans the half is 1544.25
Weekly avgs. 13 week 1470.50 26 = 1453 52 = 1534.50
Res: 1524 and 1534-1545 and 1562.50 and 1593
Nov. Beans
4 week avg. 1389.25
IMHO yearly range could be any of these numbers
Support 1318 and 1203 and 1142 Low end
Res: 1465 and 1510 and 1579 High end
Start of the year
CH 678..50 CZ 610.75 SF 1519.25 SH 1524 SX 1416.75 WH 792
Feb I look for the seasonal break (crop ins. month and brazil will
get into harvest)
Also USDA Acreage outlook comes out. near the end of the month
The World wants to fight inflation and that includes food prices.
You will here me say buy puts to put a floor under the market which
leaves you your up open.
Rain makes grain and this year its going to be more important than ever
We too have a very good crop year and more corn and bean acres.