Hog Prices-Markets
Dave Chatterton, with Strategic Farm Marketing, says old and new crop corn both made new contract lows as the market faded the friendly ending stocks numbers in the July WASDE. He says the market was looking ahead with ideas of higher yields in future reports.
Live and feeder cattle futures opened lower on Friday but quickly turned higher with strong cash news according to Scott Varilek, Kooima Kooima Varilek. Grains see pressure from weather and the risk off outside market influences tied to the proposed tariff increases on Canada to 35% by Aug. 1
DuWayne Bosse of Bolt Marketing says the bounce in the grain markets was mostly short covering heading into Friday’s WASDE Report. However, the market may not trade the report numbers long before it turns it attention back to weather.
Chuck Shelby with Risk Management Commodities says corn finally saw a light short covering bounce after making new contract lows again early Wednesday in both old and new crop contacts.
Brad Kooima, Kooima Kooima Varilek, says cattle futuresare showing resilience early Monday due to better than expected cash trade. However, grains are seeing heavy selling pressure.
Mark Schultz, Northstar Commodity, says corn and soybeans saw follow through technical buying and short covering heading into a three day holiday but were also trading hopes for a positive trade announcement on China from President Trump.
Scott Varilek of Kooima Kooima Varilek says cattle futures are trading higher building on Wednesday’s big reversal which was initially triggered by trade news but then better than expected cash trade added to the rally. Grains are also higher on hopes of an announced deal with China.
Oliver Sloup, Blue Line Futures, says it was a combination of short covering and technical buying heading into a long holiday weekend but the announcement of a trade deal with Vietnam also provided a spark.
John Heinberg, Total Farm Marketing, says corn made new contract lows again as funds continue to sell with no major weather threat to the crop and improved crop ratings. But how low will prices go?
Joe Kooima of Kooima Kooima Varilek says live and feeder cattle futures had a gap lower opening this morning on news from USDA of a phased re-opening of the border to Mexican cattle starting July 7.