Hog Prices-Markets

Kent Beadle of Paradigm Futures says, unlike the financial markets, the ag futures did not see the positive reaction to the ITC court ruling declaring the “Independence Day” tariffs as illegal.

Matt Bennett with AgMarket.Net says corn and soybeans saw heavy technical or fund selling pressure on Wednesday, some of it in the grains was tied to weather.

Brad Kooima of Kooima Kooima Varilek says cattle futures are seeing some early weakness despite last week’s record cash and neutral USDA Cattle on Feed Report compared to expectations. Corn is down with wheat and mostly favorable weather.

Scott Varilek, Kooima Kooima Varilek, says ag markets are seeing red with the threat of 50% tariffs on all EU imports.

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.