Grains Take a Pause on Profit Taking: Cattle Continue to Consolidate, Hogs Near Recent Highs Pushed by Cash and Cutouts

Grains close mostly lower with profit taking but eye on weather and Black Sea news. Cattle consolidate in a healthy correction, hogs pushed by strong cash and cutouts. Garrett Toay, AgTraderTalk has details.

Grains close mostly lower with profit taking after the big rally Monday, but markets have an eye on weather and Black Sea developments. Cattle consolidate in a healthy correction, hogs pushed by strong cash and cutouts but are into chart resistance. Garrett Toay, AgTraderTalk has details.

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Randy Martinson of Martinson Ag says soybeans are trying to bounce early Tuesday with talk of China looking for more soybeans and a stabilization of the real.
Alan Brugler with A&N Economics says the bottom line is with that weakness in real, you’re going to see a little more competition out of Brazil on soybean exports when you’re looking at them in dollar terms.
Joe Kooima of Kooima Kooima Varilek says the reaction was a bit muted considering the placements were well below estimates. However, he says some of it was already priced in.
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