Brazil

Scott Varilek with Kooima Kooima Varilek says cattle futures gapped lower on the opening Friday and feeder quickly pushed to limit down status with fear of the U.S. opening the border to Mexican feeder imports.

Soybeans futures hit new highs for the move on Thursday as Greg McBride with Allendale, Inc. says there is growing optimism about a trade deal with China that will include soybean purchases.

Kevin Marcus gives insights from U.S. to South America to China growing and harvest seasons.

Brad Kooima of Kooima Kooima Varilek says cattle futures saw some recovery on the opening Monday after a melt down on Friday which produced limit down closes in most of the feeder cattle contracts.

Oliver Sloup, Blue Line Futures, says corn, soybeans and wheat all saw technical buying this week after bouncing off key support on the charts. The key is can the markets build on it next week?

Joe Kooima of Kooima Kooima Varilek says the funds were liquidating long positions on the open Friday after President Donald Trump said the administration was working on a plan to lower beef prices. Some of it was triggered by algorithm trades that key their formulas off headlines.

Kevin Duling of KD Investors says soybeans saw some short covering and technical buying but got a fundamental push from rising Brazilian basis levels.

In its preliminary estimate, Conab forecast Brazil’s soybean acreage would increase 3.6% to 49.08 million hectares (121.2 million acres).

Scott Varilek, Kooima Kooima Varilek says the feeder futures have put on $22 this week and were due for a correction but still project to $388. Grains see pressure from China trade news.

Mark Knight, Farmer’s Keeper Financial, says soybeans are back higher early Tuesday on light technical buying but awaiting details of the Trump administration’s farmer aid package.