Markets Today
Soybeans close higher for a third session still putting in weather premium. Cattle and hogs also saw strength with end of month and quarter positioning.
Corn sees short covering as well with lower crop ratings by 2% and Mexico buying around 5 million bushels of new crop U.S. corn.
Soybeans and products were all higher on Monday, while corn continued to see technical selling and long liquidation ahead of first notice day on Friday.
Cattle shook off a bearish a Cattle on Feed placements number, while hogs consolidated. John Payne with Advance Trading, discusses where the markets head next.
Cattle getting some help from ideas the cash market may be close to a bottom. Grains continue to digest Pro Farmer Crop Tour results and weather.
Pro Farmer Lowers Corn Yield and Production From USDA’s August Estimate, But Raises Soybean Yield and Production to Record Levels.
Newsom looks at when corn and soybeans normally put in a harvest low and if that changes when there are predictions for bumper crops.
Low Feed Prices Make Cattle Margins Attractive
Chip Nellinger, Blue Reef Agri-Marketing, says time is running out on old crop sales.
Excess old crop supplies of corn need to be moved before a record crop is harvested. Tomm Pfitzenmaier of Summit Commodity Brokerage shares some options.