Grain and Livestock Markets Turn Mostly Higher: Is a Bigger Rally in Store?

Grains all higher midday with corn and soybeans oversold and seeing some corrective buying pre-WASDE. Cattle firm up with winter weather and hogs forming a season low. Kent Beadle, Paradigm Futures, has more.

Grains all higher midday after a mixed start with corn and soybeans oversold and seeing corrective buying and positioning ahead of the WASDE. Cattle firm up with winter weather and higher beef, while hogs are up for the 4th day forming a season low. Kent Beadle, Paradigm Futures, has more.

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Live cattle futures were lower again on Wednesday and have spent several consecutive days under the 100-day moving average. Brad Kooima with Kooima Kooima Varilek says it is looking like more than a healthy correction.
Mark Knight of Farmers Keeper Financial says the market was looking for confirmation of China soybean purchases and now will need to see more sales to continue the rally.
November soybeans failed to close above the key $12 level and Naomi Blohm of Total Farm Marketing thinks the market may be running out of runway as Monday was mostly technical buying.
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