Hog Prices-Markets

Mike Minor, Professional Ag Marketing, says corn and wheat futures have had a nice rally off of extremely low price levels hit last week and oversold conditions. However, the markets hare running into chart resistance.

Mark Schultz, Northstar Commodity, says the rally in wheat has been driven by weather and money flow but wheat, corn and soybeans are running into chart resistance.

Kent Beadle, Paradigm Futures, says the grain rally is being supported by technical or fund buying, the U.S. lower dollar index and weather.

DuWayne Bosse, Bolt Marketing, says most of the bounce in the grain markets was short covering or short profit taking.

Brad Kooima of Kooima Kooima Varilek, says cattle futures are in recovery mode for a second day after scoring key weekly reversals last week on the charts, a bearish sign of a possible top. Corn is also trying to bounce after new lows for the year in the December contract.

Scott Varilek, Kooima Kooima Varilek, says after two ugly down days in cattle futures the markets are trying to recover and so is the soybean market.

Jeff Hoogendoorn, Professional Ag Marketing, says the sell off in bean oil was tied to unconfirmed rumors the draft proposal on the Renewable Volume Obligations (RVO) for bio-mass based diesel were sent to the Office of Management and Budget (OMB) with lower than expected volumes.

Soybeans are down with soybean oil which touched limit down overnight on unconfirmed rumors EPA would setting RVO levels for biomass based diesel below anticipated levels.

Ted Seifried, Zaner Ag Hedge, says soybeans have been seeing continued strength off the bullish WASDE numbers allowing it to clear some technical objectives. But the market needs other fundamental factors to come together to clear $11.

Vince Boddicker, Farmers Trading Company, thinks more constructive developments on trade with China are part of the equation but so is the push from soybean oil.