Markets Today
Grains back lower as wheat drags down corn and soybeans and Randy Martinson, Martinson Ag, says funds are back in sell mode. Cattle are trying to bounce awaiting cash news while hogs are mostly lower again.
Corn and soybeans see double digit gains on short covering and talk of China biz says John Payne, Advance Trading, while wheat struggled. Cattle were hit by more bird flu news, hogs reversed off new lows.
Corn and soybeans see double digit gains on fund short covering after seven down days. John Payne, Advance Trading, says the markets were oversold and due for a correction.
Jeff Hoogendoorn, Professional Ag Marketing, says the cash and cutouts have been stagnant. So, the lean hog futures have continued to take all the premium out of the market to trade down to the index.
Grain and livestock end lower. Hogs make new lows for the move, pulling down cattle but funds are selling in livestock and back selling in grains. Jeff Hoogendoorn, Professional Ag Marketing, wraps up the day.
Corn and soybeans saw some early short covering as they are oversold but are getting drug down by wheat and fund selling says Kent Beadle, Paradigm Futures.
Vince Boddicker, Farmers Trading Company, says with corn rated at 75% good to excellent the market sees the crop getting off to a good start, so the mentality has changed to “rain makes grain.”
Grain and livestock futures ended mostly in the red on Tuesday. Vince Boddicker, Farmers Trading Company, says the mentality in grains as turned to “rain makes grain”, especially with the favorable crop ratings.
Grains turn mixed after early pressure. Jon Scheve with Superior Feed Ingredients says the markets are searching for direction, but weather is still the main focus. He has marketing advice.
Alan Brugler, Brugler Marketing, says it was a risk off day in grain markets which were removing risk premium. They also did technical damage.