Hog Prices-Markets
Mark Schultz with Northstar Commodity says news of a possible China trade truce extension fueled hopes for additional purchases of American agricultural products, including soybeans.
Risk off in the outside markets also played a role in the selling pressure according to Lane Akre, economist with Pro Farmer. However, he doesn’t think all the China demand is priced into the soybean market.
Live and feeder cattle futures were higher early Monday extending gains after Friday’s higher cash trade says Brad Kooima of Kooima Kooima Varilek.
He thinks cash could be higher again this week.
He thinks cash could be higher again this week.
Brian Grete with CommStock Investments says he thinks the price action on Friday is sending a strong signal about the soybean market direction.
Scott Varilek with Kooima Kooima Varilek says after crashing Thursday on fears of a beef plant strike, cattle are recovering on higher cash.
DuWayne Bosse with Bolt Marketing says the soybean market is still trying to price in the possibility of China buying another 300 million bu. of soybeans this marketing year.
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.