Markets Today

Chip Nellinger, Blue Reef Agri-Marketing says the corn market saw a technical bounce and even some bull spreading on Tuesday, but most of it was tied to short covering. While cattle reacted to ICE raids at Omaha, NE meat plants.

Vince Boddicker, Farmers Trading Company, says old crop corn made another new low for the move overnight with national crop ratings improving by 3% to 71% good to excellent. The corn complex continues to face headwinds from weather, with no major threats on the horizon.

Chuck Shelby with Risk Management Commodities says Monday’s action in the grain markets was disappointing as the funds came back into sell in the grain complex.

Brad Kooima with Kooima Kooima Varilek says cash cattle trade shattered previous records last week and the futures are continuing to make new all-time highs on Monday in both live and feeder cattle futures.

Garrett Toay with AgTraderTalk says grains also saw mostly higher weekly closes mostly as a result of technical buying.

Scott Varilek, Kooima Kooima Varilek, says cattle futures gapped higher on the opening Friday and made all-time highs once again. Futures are still chasing record cash.

Jeff Hoogendoorn, with Professional Ag Marketing, says hogs ended mixed Wednesday, consolidating after the recent rally driven by higher cash and cutouts. While soybeans rallied after the Trump/Xi call.

Mark Knight with Farmers Keeper Financial says grains opened higher on news of a call between President Trump and Chinese President Xi then traded on both sides of steady.

Tommy Grisafi of Nesvick Trading says it was a risk on day in the grains as they attempted to add weather premium on the hot, dry extended forecasts. “I feel like these markets have very little if any weather premium.”

Don Roose, U.S. Commodities, says corn and soybeans finally bounced Tuesday after closing lower for several days. He says both markets were adding risk premium and scored reversals.