Hog Prices-Markets
Vince Boddicker with Farmers Trading Company, says grain markets rallied on Monday adding risk premium on the war headlines but also positioning ahead of the May WASDE and China summit.
Cattle futures posted lower weekly closes and Brad Kooima with Kooima Kooima Varilek says the action was a red flag to him since it came after record fed cash trade.
Dan Basse with Ag Resource Company says grains chopped following crude oil most of the week but rallied on Friday adding in war premium. Plus, soybeans led gains on talk of China buying soybeans.
Scott Varilek of Kooima Kooima Varilek says cash cattle trade hit record levels on Thursday and helped pull futures higher Friday. Grains are trying to recover from the big wash out with crude oil this week.
Jeff Hoogendoorn with Professional Ag Marketing says grains were still tied to crude oil today and corn and soybeans ended off their lows when that market recovered. Cattle fell despite record cash up to $260.
Oliver Sloup with Blue Line Futures says grain markets were trying to divorce from the war headlines and crude oil the last few weeks but now are right back trading with the energy moves.
Brad Kooima of Kooima Kooima Varilek says it is dangerous to try to pick a high in this cattle market but it fits the profile of a technical top.
John Heinberg with Total Farm Marketing says soybeans made fresh highs early Monday on strong crush and China export hopes ramping up to the mid-May meeting.
Jim McCormick of AgMarket.Net says a new month brought in new money to the grain complex on inflationary concerns. How much higher could it go?
Scott Varilek of Kooima Kooima Varilek says tight supplies and a record cash market have supported the move to new highs. How high can live and feeder cattle futures run?
Dave Chatterton with Strategic Farm Marketing says the grain markets were supported by money flow and funds were buying adding risk premium tied to war, inflation fears with soaring energy prices and weather.
The grain and livestock futures saw commodity wide fund buying with a risk on tone to the market according to DuWayne Bosse with Bolt Marketing.
Brad Kooima with Kooima Kooima Varilek says some of the recovery is technical in nature as the June live cattle bounce off of key support and the 38% retracement level around $243.00 last Thursday. However, there are also fundamental reasons for bounce.
Scott Varilek with Kooima Kooima Varilek says $243 was the line in the sand for the June live cattle or funds would liquidate and it held after Brooke Rollins canceled her trip to Arizona which alleviated fears of a border reopening.
The soybean market looked like it was ready to breakout but Sam Hudson with Cornbelt Marketing says they hit chart resistance and saw profit taking.
Soybeans and multi-year highs in the soybean oil market led the grain complex higher on Tuesday according to Mike Minor with Professional Ag Marketing.
Alan Brugler with A&N Economics says corn got some support from higher crude oil and soft red winter wheat plus other demand fundamentals.
Joe Kooima, Kooima Kooima Varilek says live cattle futures held key support on Friday and are higher Monday but can the market retest the record highs?
Rich Nelson with Allendale says while he doesn’t agree with it, the corn market was seeing some weather premium added on concerns about planting delays which takes away the argument for record acreage.
Brian Grete with CommStock Investments says soybeans were higher Wednesday on optimism about the mid-May meeting with China and corn was following.
Mark Schultz with Northstar Commodity says the grains and energy sector started higher on war headlines but peaked out quickly by mid session acting like it wasn’t that concerned about the war.
Live cattle futures made new and all-time contract highs on Friday with the April contract closing above $250.
Don Roose with U.S. Commodities say soybeans followed meal and hold a premium on hopes of China business.
Scott Varilek with Kooima Kooima Varilek says the cattle market has been impressive and resilient.
The commodity wide selling pressure was tied to risk aversion and uncertainty regarding the escalation of the Iran War according to Mark Knight with Farmers Keeper Financial.
Corn and soybeans ended slightly higher with a push from slightly higher crude oil and swirling Iran war headlines according to Chuck Shelby with Risk Management Commodities.
Brad Kooima with Kooima Kooima Varilek says the live cattle futures are chasing sharply higher cash trade from last week.