Hog Prices-Markets

Randy Martinson, Martinson Ag, chalks the recovery up to short covering heading into the weekend and position squaring ahead of Monday’s USDA reports.

Scott Varilek, Kooima Kooima Varilek, says cattle futures are holding together despite lower cash trade, while grains are finally seeing a bounce in reaction to a China deal on rare earths.

DuWayne Bosse of Bolt Marketing says the grain markets have seen massive fund selling this week pushing corn to new contract lows but it has been spurred by a number of bearish factors.

Bryan Doherty, Total Farm Marketing, says grains failed to extend gains on Friday hitting chart resistance, but there was another big factor.

Randy Martinson, Martinson Ag, says grains are seeing a quiet session on Friday with thin post-holiday trade. However, at least wheat is failing to extend the big gains seen on Wednesday.

Rich Nelson with Allendale says wheat led the charge higher in the grains inserting war and weather premium but also seeing some short covering. Cattle and hogs recovered from Tuesday’s collapse.

Scott Varilek with Kooima Kooima Varilek says cattle futures are trying to recover after tanking Tuesday due to geopolitical and war concerns and the lower day in the stock market.

Mike Minor of Professional Ag Marketing says grains saw technical buying on Tuesday while livestock fell with the financial markets on the conflict between Iran and Israel and a flip flop on ICE raids in packing plants.

Tomm Pftizenmaier of Summit Commodity Brokerage says soybeans saw some follow through buying on Monday but it was somewhat disappointing considering the limit up move in soybean oil.

Brad Kooima of Kooima Kooima Varilek says cattle futures started the day higher in recovery mode after a poor technical close on Friday and a bearish reversal lower for the week. Soybeans continue to rally on the heels of the surge in bean oil on EPA’s surprise biofuels news.