Hog Prices-Markets
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.
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.