Transcript: coming to us from a Chicago thanks for being on Oliver anything jump out together?
Oh well, just a little bit of weakness in the grain markets to start the week, which is pretty disappointing. We had a strong midweek last week, Wednesday, Thursday and then saw corn and soybeans really kind of fail out against some technical resistance for July corn that 460 level just couldn’t chew through that, which I think probably invited some sellers back into the market and which is seasonally historically, you know, at a softer time of the year from here on out. Now, that doesn’t necessarily mean that we can’t see some gyrations back and forth. In fact, I wouldn’t be surprised to see that through this week straight. It’s a little bit interesting of a week. Markets are closed on Wednesday for June teeth and then we’ve got July options expiration on Friday as well, which could play a role in price action just looking at open interest alone. There is a lot of open interest at the 450 puts and calls for July corn so that’s certainly going to be kind of an area of interest for us heading into the this week’s trade could be a little bit of an anchor there and then also funds building a little bit more of a shorter position 

Yeah, funds are relatively flat last week, they’re still holding a net short of over 200,000 futures and options contracts. And you know when I’m talking to guys about this, yeah, that’s that’s a pretty sizable net short position for the funds. But remember, it wasn’t all that long ago is just back in February where they were sure short 340,000 futures and options contracts so they have plenty of room to add. And again, the seasonally isn’t a great time of year to get super bullish on corn. So I continue to believe reef relief rallies are probably opportunities for producers to look at playing a little bit more be more proactive on price defense to the downside and I think the same can be said for soybeans as well. For similar reasons, especially with an election looming where we’re gonna get more and more headlines and jawboning back and forth regards to trade and China and potential tariffs. And
then lastly, you know, the dome of doom this ring of fire I feel as though it’s been a little bit well pushed off into the future just because that the air is so unstable. We’ve had a lot of popup showers a lot of places that weren’t supposed to get anything.

Yeah, last night I left my TV out on the deck I drove over to the MLS and it got rained on but it’s the same story just another year right it’s it’s hot and dry. It’s it’s the summer in the Midwest.
Yep, that’s right. All right, stay right there. We’re gonna go we’re gonna pay some bills. We’re gonna go back and talk more with Oliver Sloup. He’s with blue line features in Chicago. Bring in Oliver Sloup Blue Line future futures Oliver kind of turned around a little bit in the meat, certainly cattle. Yeah,
the cattle had a nice reversal on Thursday and kind of a blow off in in the cash market, which certainly spurred the momentum to the upside on Friday straight I think the lack of follow through is a little bit of a caution flag. It’s it’s amazing how fast the markets can kind of put premium back into the markets once new good news crosses the wires. And I think that’s probably what we’re seeing there. I think overall, the fundamental landscape remains intact and fairly friendly for the cattle complex. But there are some other factors in the outside markets that I’m continuing to keep a close eye on. There’s a fear and greed index, which is really something to take a look at. It’s really interesting. We’re seeing a big divergence here, stock markets at all time highs, but the fear and greed index is actually a reading fear. And I know there’s a lot of other questions with regards to the consumer as well and the overall kind of appetite for risk going forward and the back half of the year. So that’s going to be interesting if the consumer really starts to pull back and it cuts back on their their beef consumption that that could be a big headwind for the market going into the end of the year now lean hogs on the other side, wild trade on Friday, almost a capitulation low where he saw that peak panic and reversal higher were trading about $5 off of Friday’s low and I wouldn’t be surprised to see this maybe spur a little bit more short covering here through the midweek trade.

Perfect stuff. Great timing. They’re about to wrap up my hair I appreciate that. But you make some great points about the consumer and all the other things out there that we have to worry about. No by the way we have an election on November to for Don’t forget about that. So thank you very much Oliver Oliver Sloup Blue Line futures he’s in Chicago.

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