Markets Today
Grains saw profit taking, farmer selling, China tariffs & higher Brazil crop estimates. Milk reversed off contract highs, while cattle rallied with lower corn, higher beef. Bryan Doherty, Total Farm Marketing, has more.
Grains see profit taking on the announcement of additional China tariffs, plus Conab raises Brazil estimates. Livestock bounce on short covering, higher products, lower feed. Kent Beadle, Paradigm Futures, has more.
Grains rally led by wheat on continued crop concerns and fund short covering. Live cattle lower despite the futures discount to cash. Hogs fall on the futures premium to the LHI. Brian Grete, Pro Farmer, has more.
Brian Grete, Pro Farmer editor, says wheat led the price rally in wheat once again adding weather premium on global production concerns.
Grain & livestock futures are mostly higher. Brad Kooima, Kooima Kooima Varilek says cattle are at a discount to steady to higher cash which is supportive, Hogs see short covering. Grains continue to add risk premium.
Chip Nellinger, Blue Reef Agri-Marketing, says if rains continue to delay planting and wheat areas like Russia and the Southwest Plains miss forecasted rains that could continue to drive buying interest in the grains.
Grains end higher on Friday after the WASDE but was the market trading the report or was it weather and fund short covering? Chip Nellinger, Blue Reef Agri-Marketing, has more plus talks cattle.
Grains higher post-WASDE. U.S. numbers came in friendly for corn, neutral for wheat but bearish for soybeans. So, is the market trading the report or is it fund short covering? Matt Bennett, AgMarket.Net, has more.
Cattle and hogs both try to bounce but the cattle market lacks confidence due to bird flu says Scott Varilek, Kooima Kooima Varilek. Grains higher but can those gains hold in the face of a potentially bearish WASDE?
Tommy Grisafi, Advance Trading, says grain prices are well off their lows on crop concerns but he cautions farmers weather markets can be volatile and fleeting.