Hog Prices-Markets
Kyle Bumsted of Allendale says the market is seeing technical buying and is right up into chart resistance.
Market sources indicated some renewed export interest from China out of the Pacific Northwest and Gulf.
The harvest delays in key growing areas were supporting corn and soybeans early Tuesday says DuWayne Bosse with Bolt Marketing but he is concerned about technical damage done to the charts.
Chip Nellinger with Blue Reef Agri-Marketing says the soybean market was disappointed China did not lower the 10% reciprocal tariff on beans and details were vague on other ag purchases.
Joe Kooima with Kooima Kooima Varilek says the cattle charts are looking more friendly after last week. While grains are disappointed in the lack of details from the China trade summit.
Grains recovered off the lows after USTR Jamieson Greer stated significant progress had been made with China, including on ag trade, and details would be released on Monday.
Varilek says the slowdown in slaughter tied to ICE raids has hurt producers leverage in the cash market and it has been reflected in northern bids.
Alan Brugler of A&N Economics says the market had anticipated some buying ahead of the meeting as a goodwill gesture and the corn and wheat markets have been especially disappointed.