Markets Now with Michelle Rook

Corn and soybeans push higher on hot dry extended weather forecasts and strong new crop exports says Kent Beadle, Paradigm Futures.  Wheat is mixed on spread trade and trying to short out quality issues with the Hard Red Spring wheat crop.  Cattle set back with lower cutouts and lower cash trade, even though it is light in nature.  Hogs continue higher with the push of strong exports and the futures discount to the index, plus hog cattle spreads.  

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Grain and livestock futures end mixed Wednesday.  Tommy Grisafi, Advance Trading, says soybeans give back some gains after three higher days on rains that fell in the Corn Belt adding to the record yield and with First Notice Day coming up. Corn could not build on Tuesday's key reversal and was drug down by beans. While wheat extended gains on short covering and Grisafi says U.S. wheat has gotten too cheap, plus there are quality issues in the Hard Red Spring wheat in North Dakota that may make high protein wheat supplies tight.  Live cattle consolidated as well after a couple of days with strong chart action. 

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Grains are mixed early Wednesday and so are livestock.  Craig Turner with StoneX says soybeans are setting back on First Notice Day selling and rains in the Corn Belt overnight, despite export biz.  Corn is seeing some support from higher wheat and export sales. Wheat extends gains after key reversals yesterday and end of quarter short covering in what could also be bottoming action.  Turner thinks corn, soybeans and wheat are at value levels and below the cost of production, so they may be forging low term lows.  That may also mean livestock producers should line up feed needs.  

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Grain and livestock futures end mostly higher on Tuesday.  Don Roose, U.S. Commodities, says corn and wheat scored key reversals as the market may have dialed in the most bearish news but its also end of month and quarter which prompted some short covering by the funds. But is it possible corn and wheat are trying to bottom? Soybeans were higher for a third day adding weather premium so how high can prices go?  Cattle extended gains after the outside day higher Monday on technical buying but tight supplies and the futures discount are also fundamentally supportive, but Roose says demand and boxed beef prices have also been strong. Lean hogs made 2 1/2 month highs on continued fund buying on seasonals, the futures discount to cash and following global pork prices, including China.  

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Mostly higher grain and livestock futures on Tuesday.  DuWayne Bosse, Bolt Marketing, says soybeans have been up for three days putting in weather premium but are running into chart resistance.  Corn made new contract lows overnight but is slightly higher following wheat, which is seeing some short covering on lower crop ratings and Mexico buying 5 mb of corn.  Live and feeder cattle futures scored an outside day higher Monday despite a slightly bearish COF report and are seeing follow through buying today.

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Soybeans ended higher putting weather premium, but John Payne, Advance Trading, says corn and wheat futures saw liquidation ahead of first notice day on Friday both complexes scoring new contract lows in the process.  Live and feeder cattle futures had a higher day which was a surprise with the bearish placements in the Cattle on Feed Report.  So, is that market starting to bottom.  Hogs consolidate after a chart breakout but Payne says the market should be well supported with the futures discount to cash and following a higher Chinese pork market.  

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Cattle are the only market higher early Monday, which is a little surprising with the bearish placements number in the Cattle on Feed report.  Brad Kooima, Kooima Kooima Varilek, breaks down the report and thinks the cash may bottom this week as well.  Hogs are consolidating, while grains are all lower and corn makes new contract lows with a lower but still record yield still projected by Pro Farmer.

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Brian Grete, editor of Pro Farmer, provides their national corn and soybean yield and production estimates following the tour.  What do these numbers mean for ending stocks and prices moving forward for both crops?  And is it possible the most bearish ideas are already priced into the market?  

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Darin Newsom with Barchart looks at if corn and soybeans could put in an early harvest low with record yields projected?  

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Kent Beadle, Paradigm Futures, talks about the best hedging strategies for cattle and hog producers, especially with cheaper feed prices.  

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