Hog Prices-Markets
Scott Varilek with Kooima Kooima Varilek says grains ease on profit taking and farmer selling. Cattle make more new highs for the move on hedge lifting and higher cash trade which was generally up $2 yesterday then fade.
Tomm Pfitzenmaier with Summit Commodity Brokerage says corn was pushed Thursday by strong demand with 15.5 million bushels of flash sales and weekly exports of 142 million bushels, the highest in 3 1/2 years.
Rich Nelson of Allendale says corn and soybeans showed resilience rallying into the close on strong demand. However, he thinks it may be exporters front loading their purchases. Cattle reverse in reaction to the McDonald’s E.coli story.
Dave Chatterton, Strategic Farm Marketing, says row crops are in a tug of war that could keep the markets sideways for a while.
Brad Kooima of Kooima Kooima Varilek says cattle were due for a slight correction and could ease their overbought status just by moving sideways. Grains are rebounding in part due to fresh flash export sales on corn and soybeans.
Garrett Toay, AgTraderTalk, says corn and wheat traded higher on technical or corrective buying as well as big flash export sales, noteably to Mexico.
Scott Varilek, Kooima Kooima Varilek, says corn and soybeans are up after the news of 80 million bushels of corn sales and 6.4 million bushels of soybeans sales. Cattle opened higher before profit taking and hedge pressure set in.
Kent Beadle of Paradigm Futures says grains saw follow through selling pressure after a lower day Friday. The complex also saw spillover from the risk off day in outside markets including the higher dollar and lower crude oil.
Brad Kooima, Kooima Kooima Varilek says cattle futures are mostly higher early Monday on better cash news and trying to negate Friday’s reversal. Grains are seeing pressure from harvest and South American rain chances.
Oliver Sloup, Blue Line Futures says after a non eventful WASDE, grains saw some profit taking heading into the weekend with row crops seeing harvest pressure.