Scott Varilek, Kooima Kooima Varilek, says cattle futures are making record highs once again with cash in the North trading from $210 to $212 on Friday morning. Grains under pressure as Argentina lowers its export taxes on grains.
Craig Turner with StoneX says corn and soybeans rebounded Thursday and made fresh for the move highs on fund buying but South American weather and crop concerns are also supportive.
Chuck Shelby, Risk Management Commodities, says corn and soybeans saw profit taking after running into chart resistance on Wednesday but rebounded this morning adding back South America weather premium.
Ted Seifried with Zaner Ag Hedge says corn and soybeans saw a profit taking setback after making new highs for the move and hitting significant price objectives.
Arlan Suderman, chief commodities economist with StoneX, says a combination of factors supported the rally in grains, which all scored new highs for the move.
Kent Beadle, Paradigm Futures, says grain markets breathed a sigh of relief there are no immediate Chinese tariffs being imposed by the Trump Administration, that sent the U.S. dollar index sharply lower which is also supportive.
Tommy Grisafi with Nesvick Trading Group says corn closed above technical resistance of $4.80 despite the uncertainty of South American weather and tariffs under a new administration.
Scott Varilek, Kooima Kooima Varilek, says cattle are down a second day despite more record cash trade. However, the row crop futures are trying to recover on strong China economic news.
Don Roose, U.S. Commodities says corn saw some fund buying on tight supplies and with help from concerns about Argentina weather. However, soybeans couldn’t follow, pulled down by meal.
Mike Zuzulo, Global Commodity Analytics, says corn and soybeans are watching South American weather with hot dry conditions mainly in Argentina and Southern Brazil but some rain in the weekend forecast.