Hog Prices-Markets
Mike Minor of Professional Ag Marketing says the rains will have a bigger impact on soybeans, which are leading the losses.
Joe Kooima of Kooima Kooima Varilek says the gap lower opening in cattle futures Monday in response to the border reopening to Mexican imports was volatile. They anticipate more to come to price in the news, even after a $25 to $30 break in the futures recently.
Brian Grete with Commstock Investments says, “We’ve seen China come in and be a fairly active buyer over the past several weeks here of new crop U.S. soybeans. There was more talk of that on Friday. And so that gave us some price support.”
Scott Varilek with Kooima Kooima Varilek says the live cattle futures made new lows for the move Thursday before finding support and putting in key reversals.
Chip Nellinger of Blue Reef Agri-Marketing says the rally in soybeans is being driven by China demand and weather concerns.
The grain markets were higher early Wednesday with wheat leading the price gains and adding war premium.
A day after making new highs for the year and hitting the highest levels in three years, the soybean market saw some profit taking and consolidation. Corn and wheat resumed their rally.
Corn and soybeans saw some early profit taking pressure on Tuesday after running into chart resistance and with better than expected crop ratings.
Soybeans gapped higher Sunday night and made new highs for the move again on Monday says Mark Schultz with Northstar Commodity.
Joe Kooima, Kooima Kooima Varilek says the question is whether or not a bounce in the cattle can hold or if funds will use it to exit more of their long positions.