Markets - General
Live cattle futures fall a second day in what Brad Kooima of Kooima Kooima Varilek calls routine profit taking. Row crops see a technical bounce with lower crop ratings.
Bryan Doherty, Total Farm Marketing, says corn and soybeans try to bounce as they are technically oversold and with a 2% drop in crop ratings, wheat tries to follow but fails.
Corn and soybean futures prices firm overnight following the weekly crop progress report, which showed a bigger decline in conditions than expected.
Cattle futures had an incredible move higher on Friday but failed to find follow through in Monday’s trade, despite a weaker grain trade. Has something changed?
Grain markets failed against technical resistance late last week which has led to weakness to start this week’s trade. Will a holiday week and July options expiration keep play a role in price action?
Lean hogs and cattle futures prices had an impressive day on Friday, will that momentum spill over into strength to start this week’s trade?
Grain Markets failed at resistance on Friday which has led to pressure to start this week’s trade. With Markets closed on Wednesday and July options expiration on Friday, it could setup to be an interesting week!
Chuck Shelby, Risk Management Commodities, says grains will be watching weather and gearing up for the USDA Acreage and Quarterly Stocks Reports in the week ahead.
Chuck Shelby, Risk Management Commodities, says grains end lower. Row crops see profit taking, with harvest pressure in wheat. Cattle made new near-term highs pushed by record cash, hogs bounce.
Darin Newsom, Senior Market Analyst at Barchart, says grains down early on profit taking and hedge pressure in wheat, but watching weather and demand. Cattle continue higher following cash.