Hog Prices-Markets
Scott Varilek, Kooima Kooima Varilek, says cattle futures are holding together despite lower cash trade, while grains are finally seeing a bounce in reaction to a China deal on rare earths.
DuWayne Bosse of Bolt Marketing says the grain markets have seen massive fund selling this week pushing corn to new contract lows but it has been spurred by a number of bearish factors.
Bryan Doherty, Total Farm Marketing, says grains failed to extend gains on Friday hitting chart resistance, but there was another big factor.
Randy Martinson, Martinson Ag, says grains are seeing a quiet session on Friday with thin post-holiday trade. However, at least wheat is failing to extend the big gains seen on Wednesday.
Rich Nelson with Allendale says wheat led the charge higher in the grains inserting war and weather premium but also seeing some short covering. Cattle and hogs recovered from Tuesday’s collapse.
Scott Varilek with Kooima Kooima Varilek says cattle futures are trying to recover after tanking Tuesday due to geopolitical and war concerns and the lower day in the stock market.
Mike Minor of Professional Ag Marketing says grains saw technical buying on Tuesday while livestock fell with the financial markets on the conflict between Iran and Israel and a flip flop on ICE raids in packing plants.
Tomm Pftizenmaier of Summit Commodity Brokerage says soybeans saw some follow through buying on Monday but it was somewhat disappointing considering the limit up move in soybean oil.
Brad Kooima of Kooima Kooima Varilek says cattle futures started the day higher in recovery mode after a poor technical close on Friday and a bearish reversal lower for the week. Soybeans continue to rally on the heels of the surge in bean oil on EPA’s surprise biofuels news.
Soybeans were up sharply on Friday with soybean oil locked limit up on all of the contracts. Alan Brugler, A&N Economics, says it was in reaction to the EPA’s proposed Renewable Volume Obligations, which were especially bullish for biomass based diesel.
Scott Varilek, Kooima Kooima Varilek, says cattle are seeing risk off selling tied to the news overnight of escalating war between Iran and Israel which has the financial markets sharply lower. Bean oil is limit up on news of higher blending levels for biomass based diesel.
Dave Chatterton of Strategic Farm Marketing says corn was slightly higher with tighter ending stocks, while soybeans fell on the rumor of lower RVO levels.
Craig Turner with StoneX says the markets were initially charged by news the U.S. and China had reached a trade framework. However, the deal was lacking in detail just like so many of the trade deals touted by the administration.
Kent Beadle with Paradigm Futures says the grain market is getting some support from news a framework has been worked out between the U.S. and China to at least call a truce on tariffs and remove restrictions on rare earth mineral imports.
Chip Nellinger, Blue Reef Agri-Marketing says the corn market saw a technical bounce and even some bull spreading on Tuesday, but most of it was tied to short covering. While cattle reacted to ICE raids at Omaha, NE meat plants.
Vince Boddicker, Farmers Trading Company, says old crop corn made another new low for the move overnight with national crop ratings improving by 3% to 71% good to excellent. The corn complex continues to face headwinds from weather, with no major threats on the horizon.
Chuck Shelby with Risk Management Commodities says Monday’s action in the grain markets was disappointing as the funds came back into sell in the grain complex.
Brad Kooima with Kooima Kooima Varilek says cash cattle trade shattered previous records last week and the futures are continuing to make new all-time highs on Monday in both live and feeder cattle futures.
Garrett Toay with AgTraderTalk says grains also saw mostly higher weekly closes mostly as a result of technical buying.
Scott Varilek, Kooima Kooima Varilek, says cattle futures gapped higher on the opening Friday and made all-time highs once again. Futures are still chasing record cash.
Jeff Hoogendoorn, with Professional Ag Marketing, says hogs ended mixed Wednesday, consolidating after the recent rally driven by higher cash and cutouts. While soybeans rallied after the Trump/Xi call.
Tommy Grisafi of Nesvick Trading says it was a risk on day in the grains as they attempted to add weather premium on the hot, dry extended forecasts. “I feel like these markets have very little if any weather premium.”
Don Roose, U.S. Commodities, says corn and soybeans finally bounced Tuesday after closing lower for several days. He says both markets were adding risk premium and scored reversals.
Brian Grete, Pro Farmer Editor, says soybeans roll over and make new lows for the move on China U.S. trade tensions, which weighed on corn.
Brad Kooima, Kooima Kooima Varilek, says cattle rally chasing record cash with the basis historically wide.
Scott Varilek, Kooima Kooima Varilek, says cattle futures are chasing exploding cash early Friday, with more record high prices paid in all areas. Corn and soybeans continue to be weak with mostly favorable weather.
Kent Beadle of Paradigm Futures says, unlike the financial markets, the ag futures did not see the positive reaction to the ITC court ruling declaring the “Independence Day” tariffs as illegal.
Matt Bennett with AgMarket.Net says corn and soybeans saw heavy technical or fund selling pressure on Wednesday, some of it in the grains was tied to weather.
Brad Kooima of Kooima Kooima Varilek says cattle futures are seeing some early weakness despite last week’s record cash and neutral USDA Cattle on Feed Report compared to expectations. Corn is down with wheat and mostly favorable weather.
Scott Varilek, Kooima Kooima Varilek, says ag markets are seeing red with the threat of 50% tariffs on all EU imports.