Markets - General
Grain markets had a strong day yesterday but were unable to find follow-through buying in the overnight and early morning trade. Will technical support hold?
Scott Varilek, Kooima Kooima Varilek, is still optimistic the cattle market will be able to achieve all-time highs again in both cash and futures in the next few months.
The higher day in corn after the WASDE was encouraging to Oliver Sloup, Blue Line Futures, “I’ve kind of been telling folks no new bearish news, is actually good news,” he explains.
Grains end lower except corn after USDA makes on only slight adjustments in the June WASDE. Oliver Sloup, Blue Line Futures, says now the market will prep for the month end reports and watch weather.
From understanding breakeven price per bushel to finding a mentor who persevered through the 1980s, Alan Hoskins with American Farm Mortgage and Financial Service shares pointers for a long, financially sound career.
Grains mixed after the WASDE with very few changes for corn and soybeans. Wheat did see slightly lower U.S. ending stocks and Russian, EU and Ukraine production dropped a total of 8 mmt says Jim McCormick, AgMarket.Net.
Cattle rally on strong cash but face a tug of war due to bird flu news says Scott Varilek, Kooima Kooima Varilek. Hogs try to follow but struggle with sliding cash. Row crops higher, wheat lower correcting pre- report.
Cattle futures came out strong on Monday but failed to find any follow-through in Tuesday’s trade. Outside markets are seeing a risk on trade following a cooler CPI report. Will that act as a tailwind in today’s trade?
Matt Bennett, AgMarket.Net, says traders evened positions Tuesday going into the USDA reports. However, he’s expecting very few revisions on a U.S. basis so he’s looking at global numbers.
Grains see a corrective day and WASDE report positioning with wheat sharply higher, row crops lower. Matt Bennett, AgMarket.Net, says cattle also saw profit taking ahead of the Fed announcement.