Hog Prices-Markets

Brian Grete, Pro Farmer, says wheat was supported by light fund short covering as traders were adding in some geopolitical risk premium.

Brad Kooima, Kooima Kooima Varilek, says the cash cattle trade will likely be steady this week which may mean the futures could stall out. He thinks the party could be over in row crops.

DuWayne Bosse, Bolt Marketing, says grains saw profit taking after running up into some chart resistance.

Scott Varilek, Kooima Kooima Varilek, says cattle futures are well supported on higher cash. Grains seeing pressure as funds may be out of ammunition.

Ted Seifried, Zaner Ag Hedge, says funds have covered most of their record short position in grains and they are not likely to go long.

Randy Martinson, Martinson Ag, says funds continue to cover shorts in the grain markets but there are some fundamentals also helping to support the rally.

Kent Beadle, Paradigm Futures says corn continues to move higher on fund buying and tighter corn stocks from USDA’s Quarterly Stocks Report. He thinks corn could eventually take out resistance on the charts and move higher.

Naomi Blohm, Total Farm Marketing, says corn and soybeans have rallied into chart resistance and will need three main fundamental factors to combine to keep prices moving higher.

Vince Boddicker with Farmers Trading Company says soybeans continue to see Brazil weather concerns and technical buying. When soybeans put in an early harvest low they tend to rally around 80 cents and have cleared that mark already. However, if Brazil stays dry the market could continue to price that in.

Scott Varilek, Kooima Kooima Varilek, says cattle futures reversed with $2 higher cash in Southern feedlot areas. Grain markets ended lower as fund short covering was overrun by an increase in farmer selling.