Hog Prices-Markets
Scott Varilek, Kooima Kooima Varilek says live cattle futures are higher despite some lower Northern cash trade. However, this week the trend has been sideways with the market unable to take out chart resistance.
Ted Seifried with Zaner Ag Hedge says rumors of China purchases circulate nearly every time the corn market rallies.
Don Roose with U.S. Commodities says the soybeans and wheat made new lows for the move on Monday. Grains have been suffering from a lack of bullish news and for soybeans China fatigue is also a factor.
Brad Kooima with Kooima Kooima Varilek says the cattle futures are overbought after last week’s higher weekly closes. So this is a healthy correction.
Mark Schultz with Northstar Commodity says the $10,80 level has been strong support in soybeans and held with the help of more daily export sales.
Randy Martinson with Martinson Ag says early pressure in soybeans came from follow through selling and more confusion on China’s purchase commitments. However, soybeans bounced off of strong technical support at the days lows.
Brian Grete with Commstock Investments says he was a bit surprised by how aggressive USDA was in raising corn exports to 3.2 billion bu. which is a record.
Alan Brugler with A&N Economics, Inc. says the soybean market continues to be plagued by uncertainty over China’s soybean purchase commitments and a close below $11 projects lower prices.
Brad Kooima says both live and feeder cattle futures markets struggled Monday as the huge recovery off the lows put contracts up into 50% retracement levels.
Soybean futures ended sharply lower on Friday, with the January contract down 33¢ for the week. Matt Bennett with AgMarket.Net says the poor close is tied to mixed messages about a signed soybean agreement with China and sales progress.