Corn, soybeans and cattle post strong closes on Thursday, with wheat and hogs falling back.
Jim McCormick with AgMarket.Net says both corn and soybeans rallied putting weather premium back in after extended weather forecasts turned back hot and dry.
However, row crops also saw technical buying as the funds covered some of their near to record short positions in both markets.
With December corn and November soybeans now above chart resistant at the 20 day moving averages will that be enough of a technical signal to keep the funds buying and move prices higher?
McCormick says he’s watching some other chart signals for confirmation but even then he thinks row crops will have an uphill battle because farmers selling will cap the rally.
Wheat falls with the bigger spring and winter wheat yields as confirmed in the Wheat Quality Council Tour in North Dakota which has had some strong results.
Both live and feeder cattle futures closed with triple digit gains after a tempid opening.
The market worked in some $2 higher cash trade at $190 in the South which broke right before lunch.
However, McCormick says stronger than expected GDP data also contributed to the buying.
Lean hog futures consolidated after hitting chart resistance.
