Joe Kooima of Kooima Kooima Varilek says the cattle markets have gotten caught up in the outside market money flow but are also seeing some caution ahead of the USDA semi-annual cattle inventory report to be released Friday.
Grain markets were higher overnight and on the opening Thursday making multi-week highs and new highs for the move before failing. Ted Seifried with Zaner Ag Hedge says the asset reallocation in the outside markets spilled over into the ag markets.
Alan Brugler with A&E Economics, Inc. says funds buying in the grains Wednesday and early Thursday was tied to money flow. The key to keeping it going is to get through chart resistance.
Grains markets ended higher across the complex, driven mostly by money flow according to Dave Chatterton with Strategic Farm Marketing.
Jamie Gieseke with Paradigm Futures says soybeans were also getting a push from South American weather, with wheat adding risk premium on U.S. weather concerns.
Soybeans and soybean oil saw a higher day on Tuesday driven by hopes President Trump would make a biofuels policy announcement regarding 45Z or the RVO proposal while speaking in Iowa after the market close says Naomi Blohm with Total Farm Marketing.
Soybeans and bean oil were slightly higher on Tuesday morning with hopes President Trump may make an announcement or at least talk positive about the 45Z program according to Mark Schultz with Northstar Commodity.
Sam Hudson with Corn Belt Marketing says the grain markets all hit technical resistance on the charts and may have seen profit taking.
Brad Kooima with Kooima Kooima Varilek says he was concerned the trade might view a slightly bearish Cattle on Feed report placement number as a reason to sell but the market was more focused on the higher cash trade Friday.
Grain markets closed strong on Friday and posted higher weekly closes across the complex. What drove the rally? Jim McCormick of AgMarket.Net points to a few notable factors.