Markets - General
A risk on day resulted in higher closes in both grain and livestock futures. What drove the buying, and will it continue? Jim McCormick, AgMarket.Net, has details.
Cattle rally with bullish placements in the Cattle on Feed report and steady Southern cash says Brad Kooima, Kooima Kooima Varilek. Hogs fail after a chart breakout. Grains rally on EU weather/frost & short covering.
Corn and soybeans are trading near unchanged while wheat futures are adding on to Friday’s gains.
As drought deteriorates across the U.S., it’s a positive signal for growing a big crop in 2024. And analysts say if weather continues to fuel this year’s crop, December corn futures could fall into the $3 range by fall.
Grains close higher on Friday on short covering and putting in some risk premium, but will the rally continue into next week? Rich Nelson, Allendale, Inc, says it will be a tough lift.
Despite being lower for the week, the grain markets all closed higher on Friday and might have been putting in risk premium says Jerry Gulke, president of the Gulke Group.
Grains close higher on short covering and putting in some risk premium. Live cattle ended higher with steady Southern cash. Hogs broke above chart resistance. Rich Nelson, Allendale, Inc. covers it all.
Scott Varilek, Kooima Kooima Varilek says live cattle see pressure ahead of cash news and COF but have absorbed a lot of bearish news. Hogs consolidate, with short covering in grains putting in war premium.
Soybeans continue to see South American hedge pressure and that is dragging down corn says Arlan Suderman of StoneX.
Soybeans make near term lows pulling down corn, wheat bounces on crop concerns. Cattle firm ahead of the COF, while outside markets continue to watch geopolitical developments. Arlan Suderman, with StoneX, has more.