Jeff Hoogendoorn, Professional Ag Marketing, says corn and cattle are major bull markets and there are certain signals he’s looking for to indicate all of the bullish fundamentals are worked into prices.
Last year’s USDA Cattle Inventory Report showed the smallest cattle herd since 1951. With strong heifer prices and no strong signs of rebuilding underway, the Ag Economists’ Monthly Monitor shows supplies may come in even lower than last year.
Kent Beadle, Paradigm Futures, says grains rallied with corn making new highs for the move but wheat also saw double digit gains.
Chip Nellinger, Blue-Reef AgriMarketing says grains rally with corn pulling up the rest of the complex on South American weather concerns.
Fed cash cattle hit a new record high for a fourth straight week with the five area weighted average at $210.79, up $7.12 from the previous week.
Chuck Shelby, Risk Management Commodities, says grains close higher seeing fund buying and consolidation with the markets still digesting possible tariffs and South American weather.
DuWayne Bosse, Bolt Marketing, says corn and wheat are trying to recover Tuesday with fund short covering.
Mike Zuzulo, Global Commodity Analytics, says grains further corrected with funds liquidating in corn, soybeans and meal due to rains over the weekend in Argentina and more in the extended forecast.
Cattle hit record highs again and hogs follow, says Brad Kooima of Kooima Kooima Varilek. Grains break on South America weather and tariff concerns.
Dan Basse with Ag Resource, says grain markets set back on profit taking after running into chart resistance and news Argentina is lowering its export taxes on grains.