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Cattle and grains end lower so was it end of month profit taking or a trend change? Scott Varilek, Kooima Kooima Varilek says cattle will recover but grains need a new weather story.
Cattle were lower for a second day with China news kicking in algorithm selling, while hogs bounce. Grains lower removing weather premium but Scott Varilek, Kooima Kooima Varilek, says it’s a possible top.
Vince Boddicker, Farmers Trading Company says corn and wheat see end of month profit taking in need of a new weather story, soybeans try to hold slight gains. Cattle trying to recover, hogs search for a low.
Rich Nelson with Allendale, Inc. says several factors created a risk off day in grain and livestock including end of the month profit taking.
Grain and livestock futures all end lower in a risk off day according to Rich Nelson of Allendale. What triggered it and is this topping action in the grain markets?
Live cattle mixed early digesting last week’s record cash but will eventually make new contract highs says Brad Kooima of Kooima Kooima Varilek. Hogs try to bounce. Corn and soybeans struggle with planting progress.
Wheat ends higher put off highs, so is the market getting tired? DuWayne Bosse, Bolt Marketing, says the global crop concerns may be priced in. Meanwhile soybeans fall and pull corn down.
Ever.Ag Insights president Phil Plourd, says “It is a street fight, in terms of figuring out ways to stay relevant, to get more productive, to stay ahead of the curve to manage risk better.”
Wheat makes new highs for the move on Russia crop concerns, while corn and soybeans struggle. Cattle are mostly higher after the COF, with hogs making new lows. Randy Martinson, Martinson Ag, has more.
Garrett Toay, AgTrader Talk, says the seasonal highs for corn usually come in the third week of June. However, with funds nearly flat the big determinant of future direction will be weather and the June Acreage Report.