Hog Prices-Markets

Chuck Shelby, Risk Management Commodities, says grains close higher seeing fund buying and consolidation with the markets still digesting possible tariffs and South American weather.

DuWayne Bosse, Bolt Marketing, says corn and wheat are trying to recover Tuesday with fund short covering.

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Brad Kooima, Kooima Kooima Varilek, says live cattle futures are consolidating which is healthy. Meanwhile, corn and soybeans make new highs for the move still digesting USDA’s bullish report data and the shocking cuts in yield, production and ending stocks.

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Allison Thompson with The Money Farm says corn has rallied nearly $1 and soybeans around 50 cents off the lows. So production and ending stocks will need to come in well under trade estimates in the USDA reports for prices to push higher.

Rich Nelson with Allendale, Inc. says grain markets are seeing early pressure with a rebound in the U.S. dollar index back near recent highs, but also watching South American weather and ahead of USDA reports on Friday.

Kent Beadle with Paradigm Futures says corn and soybeans are seeing profit taking and farmer selling after hitting chart resistance on Monday at previous highs and retreating.

Brad Kooima of Kooima Kooima Varilek says cattle futures recovered nicely from Friday’s selloff with some contracts making new highs for the move, pricing in record cash cattle trade. Grain markets are seeing fund buying with soybeans and meal leading on dry weather forecasts for Argentina.

Randy Martinson, Martinson Ag, says corn and soybeans saw early pressure as both markets ran up into chart resistance which triggered fund profit taking.