Markets Today
DuWayne Bosse with Bolt Marketing says soybeans made new highs for the move and January futures are closing in on $11, while March made fresh highs for the year.
Grain markets staged a rally on Monday and Naomi Blohm with Total Farm Marketing says soybeans led the charge on news over the weekend that the U.S. and China had reached a framework agreement that included “substantial purchases” of U.S. soybeans.
Live cattle are sharply lower with limit down moves in feeders under expanded limits on Monday morning. Brad Kooima says now the focus is on the possibility of the U.S. dropping the 50% additional tariffs on beef imports.
Scott Varilek with Kooima Kooima Varilek says cattle futures gapped lower on the opening Friday and feeder quickly pushed to limit down status with fear of the U.S. opening the border to Mexican feeder imports.
Soybeans futures hit new highs for the move on Thursday as Greg McBride with Allendale, Inc. says there is growing optimism about a trade deal with China that will include soybean purchases.
Randy Martinson with Martinson Ag says soybeans are hitting new highs for the move with the tailwind of comments from President Trump about getting a trade deal with China next week in South Korea.
Grains ended mostly higher on renewed technical buying, while cattle closed with limit down moves in feeder cattle in reaction to President Trump’s social media comments about beef.
Garrett Toay with AgTraderTalk says after the recent rally corn and soybeans ran into chart resistance. However, outside markets had a negative impact with the selloff in precious metals and the rally in the dollar.
Jamie Gieseke with Paradigm Futures says soybeans are seeing some profit taking after a 35 cents rally off of last week’s lows but also some farmer pricing. The higher dollar is weighing on corn and wheat.
Jeff Hoogendoorn, Professional Ag Marketing, says soybeans ended higher on Monday and extended gains after a higher weekly close last week. Cattle tried to recover after Friday’s meltdown and after President Trump comments about the U.S. buying Argentina beef to lower prices for consumers.