Some people say Chinese buying, some say south american port closures, I say the reason for drastic front spread moves( mostly bullish ) are forced liquidations and anticipation of delivery logistics problems in the coming 2-3 months.
Interesting dynamic https://www.msn.com/en-us/finance/m...ard-food-threatening-global-trade/ar-BB11EY3M
Anyone else buying Meats and other markets making new or close to 9 year lows? Also, been doing good almost of selling 9 year highs or near, always hedged new positions. Am still short Indexes but automation put on hedges on open profits. Expect markets to be way too wild to not use insurance of using hedges.
I've been eyeing LE again on a part-time basis...I cannot believe the PA on that now. Multiple days of expanded price-limits, looks fun! LE hit a low of 76 today for June? That's nuts! It sure smells good for a long at the 80 print heading into summer under normal circumstances, but we ain't under normal circumstances. :-( P.S. @TraDaToR Saw this over on Cow page today, maybe it will be helpful? Grain Futures. Corn prices have lost ground as traders express opinions on the size of this year's plantings and the estimated usage. Ethanol demand is waning as many plants switch to providing DDGs instead of gasoline additives. There is little clarity either for corn exports or domestic use of corn for livestock and poultry feeding. The corn basis is weakening at 60 over the May board in Guymon, Oklahoma. Corn is now pricing into ration at $7.25 cwt. in the Oklahoma Panhandle.