Hog Prices-Markets
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.
Brad Kooima of Kooima Kooima Varilek says cattle are hitting new highs for the move after a chart breakout and pushed by stronger cash last week. Grains are all strong early with soybeans making near term highs on the convergence of several fundamentals.
Scott Varilek, Kooima Kooima Varilek, says cattle are seeing a correction heading into the Cattle on Feed Report. Corn and soybeans are seeing hedge pressure and selling tied to extended forecasts showing rain in Brazil.
Mike Minor, Professional Ag Marketing, says corn and soybeans saw pressure from harvest and better South American weather prospects. Cattle and hogs soared on the heels of the higher stock market.
DuWayne Bosse, Bolt Marketing, says wheat is pulling down corn with a higher dollar and rains in the SW Plains, while soybeans hold gains on strong export demand. Cattle are rallying in sympathy with the stock market.
Darren Frye, Water Street Advisory, says the 50 basis point interest rate cut by the Fed was anticipated but is friendly for the ag markets.
Kent Beadle, Paradigm Futures, says November soybeans are finally above the 50 day moving average for a number of reasons, including more talk of China business.
Mark Schultz, Northstar Commodity, says wheat led the grain complex lower after better rain forecasts for U.S. and Black Sea production areas, but all the grain markets ran into chart resistance.
Brad Kooima of Kooima Kooima Varilek says the cash cattle market put in a low last week and futures were sharply higher so the market just feels better. Soybeans and corn may have put in seasonal lows but he cautions further upside may be capped by harvest pressure.