Hog Prices-Markets

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.

John Heinberg, Total Farm Marketing, says soybeans saw profit taking pressure early Tuesday but clawed back to close slightly higher with the help of the soybean oil market. However, corn continues to fail.

The markets have several big headlines they’re digesting including news over the weekend that China and the U.S. are de-escalating the tariff war.

Mike Zuzulo, Global Commodity Analytics, says the strength in soybeans was tied to optimism about tariffs on China being lowered by the U.S., while wheat saw some short covering.

Scott Varilek, Kooima Kooima Varilek, says cattle continue to hit all-time highs in cash and futures. While corn is seeing some short covering after new lows for the move on Thursday.

Dave Chatterton, Strategic Farm Marketing, says the markets faded the news as the realization set in that no major breakthroughs in the trade talks are expected and a long term trade deal with China could take quite some time.

Kent Beadle, Paradigm Futures, says corn and soybeans rallied overnight and early Wednesday on the news China and U.S. are beginning trade talks this weekend.