Markets Now with Michelle Rook

Grain and livestock futures end mixed on Wednesday as markets were awaiting the FOMC decision.  Darren Frye, Water Street Advisory, says the 50 basis point interest rate cut by the Fed was largely anticipated but the market is expecting additional easing by year end and this will be friendly for the ag sector especially as it weakens the dollar.  Soybeans rallied on both supply and demand factors but could not close above key resistance but Frye thinks the market will continue to move higher.  Corn was flat caught between higher soybeans and lower wheat.  Wheat continues to see profit taking with better rain chances in the Southern Plains.  Cattle were choppy and two-sided awaiting the Fed announcement but also looking for cash direction after a low was forged last week.  Hogs saw additional chart based buying.  

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Grains higher led by soybeans.  Kent Beadle, Paradigm Futures, says China soybean prices spiked higher with rumors of them buying U.S. beans.  Plus, early yield reports on soybeans have been disappointing.  However, November finally got above the 50 day moving average.  Corn and wheat are extending slight gains from Tuesday with soybeans and stronger demand.  Live cattle had a strong technical close yesterday but are in a holding pattern awaiting the FOMC decision and hogs are chopping as well.  

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Cattle futures close strong Tuesday and the cash market has finally bottomed.  Brad Kooima, Kooima Kooima Varilek, discusses whether or not the market can build on it and what's ahead for 4th quarter.  

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Grains ended lower on Monday with livestock mixed.  Mark Schultz, Northstar Commodity, says wheat led the losses taking out weather premium and that weighed on corn.  Soybeans tried to rally on export business but ran into chart resistance and early harvest pressure.  Live cattle set back despite higher cash last week and higher boxed beef values at noon again seeing a technical setback in the December.  Hogs managed to bounce with cutouts and despite lower cash.

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Cattle futures opened higher and feeders are holding gains with lower but live cattle see some profit taking despite better cash news.  Brad Kooima, KKV, says the cash market has bottomed and he expects higher trade this week and he thinks cattle futures can technically build on last week's higher weekly closes.  He is watching $179.50 resistance in December live cattle for confirmation.  Hogs started mixed with the front months gaining on the deferreds with some forward spreading but Kooima says the market may continue to struggle to hold gains with rising seasonal numbers.  Soybeans open higher with more export business but continue to fight to get above the 50 day moving average, while corn is down with wheat Kooima thinks the lows are in.  He cautions though that both corn and soybeans may struggle to rally further with harvest pressure and farmer selling picking up.  

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Grains end mixed Friday with livestock lower.  Alan Brugler, A & N Economics, says wheat led gains with a lower dollar as that market is seasonally trying to bottom. Wheat pulled up corn but the market was still working in the lower ending stocks numbers from the Thursday WASDE.  Soybeans failed to extend Thursday's gains running into chart resistance again.  However, all the grains ended with higher weekly closes, so are the lows in?  Cattle set back Friday despite steady cash but put for the week were up sharply.  Brugler discusses if the market can build on that.  And what's going on with the volatility in the stock market and what happens with the dollar and the Fed meeting next week?  

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Cattle continue higher pushed by better cash news.  Scott Varilek with Kooima Kooima Varilek says early cash has been steady in the South at $181 which would at least stop the bottoming process. The turn back higher in the stock market has helped ease the nervous selling by fund traders as well. Hogs seem to be following but he doesn't think the recent highs will be retested due to rising numbers and tightening shackle space. Grains are all higher with corn and soybeans extended Thursday's rally with the market breathing a sigh of relief soybean yield wasn't raised and even though corn was the ending stocks number was still lower.  Varilek says a lower dollar and higher wheat is also helping the row crops with that market putting in some weather premium.   

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Grain and livestock end mixed Tuesday.  Soybeans saw double digit losses and November fell below $10 on profit taking and better than expected crop ratings driving yield ideas headed into the WASDE.  Dave Chatterton, Strategic Farm Marketing, says the lack of China export business was also negative.  Corn was caught between the lower soybeans and higher wheat market which saw short covering. Crude oil collapsed again and that macro market also cast demand fears on the ag futures.  Live cattle saw a lack of follow through buying, with hogs mixed. 

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Soybeans and corn set back early on profit taking and report positioning.  Shawn Hackett, Hackett Financial Advisors discusses what yield and ending stocks numbers are already dialed into prices and what the market will trade after the report.  Wheat consolidates has been seeing better demand and dry weather in the U.S. and Black Sea is being watched.  Cotton is up Tuesday but has been disappointing as its been more tied to economic concerns than lower production.  Hackett also discusses what's ahead for outside markets with the Fed decision next week, the election and the volatility in the stock market.  

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Arlan Suderman with StoneX discusses whether or not the harvest lows are in on corn and soybeans, the recent Chinese soybean purchases and what he expects from the WASDE on Thursday.  Plus, is wheat getting uncompetitive after the recent rally?  Cattle see a big recovery with the stock market higher and expectations for better cash trade.  

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