Market Analysis
Scott Varilek with Kooima Kooima Varilek says the feeder cattle ran into the 50% retracement level on some contracts and saw profit taking. However, higher cash feeders have helped the rally this week.
The grains ended lower on Thursday with across the board selling pressure tied to new 19-month highs in the U.S. dollar index according to Rich Nelson of Allendale, Inc.
The grains ended lower on Thursday with across the board selling pressure tied to new 19-month highs in the U.S. dollar index according to Rich Nelson of Allendale, Inc.
Brady Huck with Empower Ag Trading says cattle have had a nice recovery after losses the last two weeks but are running into retracement areas on the charts. Grains are also into resistance
Brad Kooima of Kooima Kooima Varilek says a market that moves three days against the last trend often confirms a low.
With the bounce on Tuesday and the friendly news from USDA there are hopes that the corn market has put in a low. Randy Martinson of Martinson Ag isn’t sure a bottom has been forged...yet.
Arlan Suderman, Chief Commodities Economist with StoneX says the corn and soybean markets were trading higher yields coming into the report and saw a positive reaction as a result.
Kyle Bumsted of Allendale, Inc. says, “The way we rallied off our lows here on Friday and the bounce we saw here on Monday, it does feel like cattle put in some sort of intermediate low.”