Hog Prices-Markets
DuWayne Bosse of Bolt Marketing says corn tried to extend gains from Tuesday’s rally working in lower yield ideas.
However, it is failing at technical resistance around $4.30 on the December where farmer selling also picks up.
However, it is failing at technical resistance around $4.30 on the December where farmer selling also picks up.
Ted Seifried with Zaner Ag Hedge says after 10-cent gains on Friday the corn market saw some profit taking but also report hangover. The September WASDE was bearish for the corn market and traders had the weekend to finally let that soak in.
Joe Kooima of Kooima Kooima Varilek says live and feeder cattle futures are higher early Monday but after a second week of lower weekly closes, he’s not sure if the market can retest the highs.
Scott Varilek with Kooima Kooima Varilek says live and feeder cattle futures are higher again on Friday morning with the third day of recovery after Tuesday’s melt down. They need to close above Thursday’s highs to have a shot at retesting the record highs.
Garrett Toay with AgTraderTalk says while he thinks the corn and soybean crops are getting smaller he’s not sure if it will be reflected in the September WASDE.
Mike Minor of Professional Ag Marketing says last year USDA raised yield .5 bu. in the September report and left soybean yield unchanged, despite dry conditions to finish the crop.
Dave Chatterton with Strategic Farm Marketing says corn and soybeans saw a technical bounce and buying after holding chart support.
Brad Kooima, Kooima Kooima Varilek, says the uptrend line on the cattle charts is also starting to be violated but that isn’t the only thing he’s watching for a signal of a bigger correction.
Kent Beadle with Paradigm Futures says corn futures ended lower on Friday on profit taking and were down nearly 2-cents for the week. However, December still held the 50-day moving average.
Jim McCormick with AgMarket.Net says corn saw some profit taking after hitting chart resistance as the December contract neared $4.25, which coincided with the 38% retracement level.