Hog Prices-Markets
Cattle set back on lower early cash and cutouts, while hogs turn mixed after early gains tied to strong weekly exports.
Wheat sees short covering Wednesday and tries to rally with corn after key reversals Tuesday in both markets. Soybeans take a break on Midwest rains. However, Craig Turner with StoneX thinks long term lows are close.
Soybeans close higher for a third session still putting in weather premium. Cattle and hogs also saw strength with end of month and quarter positioning.
Cattle shook off a bearish a Cattle on Feed placements number, while hogs consolidated. John Payne with Advance Trading, discusses where the markets head next.
Cattle getting some help from ideas the cash market may be close to a bottom. Grains continue to digest Pro Farmer Crop Tour results and weather.
Low Feed Prices Make Cattle Margins Attractive
Wheat sees a short covering bounce, while cattle fall with fund liquidation and lower cash.
Joe Kooima of Kooima Kooima Varilek says row crops have had a tough week making new lows — and Friday is off to a similar start.
Shawn Hackett, Hackett Financial Advisors, says soybeans rally with corrective buying following meal, but corn and wheat end mostly lower ahead of USDA Reports.
Steve Meyer, senior livestock economist, Ever.Ag Insights, says cash and cutouts just stalled the last six weeks, pulling down lean hog futures and cutting into break evens and profit levels.