Markets Today

Joe Kooima of Kooima Kooima Varilek says live and feeder cattle futures had a gap lower opening this morning on news from USDA of a phased re-opening of the border to Mexican cattle starting July 7.

Shawn Hackett, Hackett Financial Advisors, says the June 30 reports have traditionally produced some fireworks, especially as they coincide with the end of the month and quarter which also triggers some portfolio re-balancing by the funds, but that didn’t happen Monday.

Randy Martinson, Martinson Ag, chalks the recovery up to short covering heading into the weekend and position squaring ahead of Monday’s USDA reports.

Historically, the corn market has been well over $5 with ending stocks this tight, says Darren Frye with Water Street Advisory, Inc. Will higher-than-expected corn inventory show up in USDA’s Quarterly Stocks Report?

Scott Varilek, Kooima Kooima Varilek, says cattle futures are holding together despite lower cash trade, while grains are finally seeing a bounce in reaction to a China deal on rare earths.

Kevin Duling, KD Investors, says the funds continue to sell in the grain markets, and both old and new crop corn hit new contract lows Thursday before bouncing off those levels. So, how much more downside risk is there?

DuWayne Bosse of Bolt Marketing says the grain markets have seen massive fund selling this week pushing corn to new contract lows but it has been spurred by a number of bearish factors.

Bryan Doherty, Total Farm Marketing, says grains failed to extend gains on Friday hitting chart resistance, but there was another big factor.

Randy Martinson, Martinson Ag, says grains are seeing a quiet session on Friday with thin post-holiday trade. However, at least wheat is failing to extend the big gains seen on Wednesday.

Rich Nelson with Allendale says wheat led the charge higher in the grains inserting war and weather premium but also seeing some short covering. Cattle and hogs recovered from Tuesday’s collapse.