Hog Prices-Markets
Mike Zuzolo with Global Commodity Analytics says soybeans saw continued resilience due to strong demand including expectations of renewable biofuel increases.
Soybeans started off slightly lower on corrective selling but quickly found buying interest says Randy Martinson of Martinson Ag.
Soybeans were lower by 3 to 4 cents on Friday on profit taking heading into the holiday according to Darren Frye with Water Street Solutions but ended higher for the week.
Scott Varilek with Kooima Kooima Varilek says the cattle futures have been chopping back and forth this week and need to take out last week’s highs on the charts to break out and to new highs.
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.