Markets Now with Michelle Rook

Cotton finally bounces on Wednesday after an ugly correction from the March highs.  John Payne, Advance Trading, discusses what's been behind the eroding cotton market.  

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Grains and livestock end higher except for wheat, seeing commodity wide buying as especially corn and soybeans were oversold and due for some corrective buying.  Mike Minor, Professional Ag Marketing, says for at least the grains sustaining a rally may be difficult.  Even though funds are near to record short in the grains farmers will likely sell on every rally with old crop inventory to move.  Cattle were slightly higher but in a consolidation pattern, while hogs also saw technical buying but again may have trouble building on it.  

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Grains try to recover after the collapse on Monday.  John Payne, Advance Trading, says its difficult without a weather threat and with trend following funds continuing to press the market.  Cattle try to recover but seasonals are softer and cash and cutouts are falling verses the big discount the futures have to cash.  So what wins out?  Hogs also trying to bounce but face headwinds.  

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Grains have a tough day on continued fund selling and favorable weather.  Soybeans and Chicago wheat made contract lows which pulled corn down in the process.  Bryan Doherty, Total Farm Marketing,  says funds have no reason to stop selling the markets and end users are buying hand to mouth.  So is this like 2014 all over again?  Meanwhile, live cattle continue to consolidate despite their large discount to cash.  

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Cattle try to rebound after a lower week in the futures and cash.  Brad Kooima of Kooima Kooima Varilek says the market saw seasonal pressure, but talk of a beef plant closure didn't help. What is the outlook for this week?  Hogs also try to bounce off contract lows.  Grains are lower and soybeans are making new lows with the funds selling on rains forecasted for the Eastern Corn Belt.  How low will prices go?

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Grains ended mixed after the WASDE and USDA's bullish surprise on corn, bearish surprise on wheat.  Arlan Suderman with StoneX has analysis.  Cattle and hogs end mostly higher.  

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Jim McCormick, AgMarket.Net says USDA provides a bullish surprise for the corn market, soybeans came in close to expectations but wheat production and ending stocks were bearish.  

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Cattle open lower and then try to recover in a week that has seen a correction with plant closure concerns, lower boxed beef values and softer cash, at least in the South.  Scott Varilek, Kooima Kooima Varilek, doesn't anticipate a huge correction in futures with the discount to cash and tight supplies.  Lean hogs see a short covering bounce as they are oversold.  Grains are lower in anticipation of a bearish WASDE, but he says much of it is already priced in after this week's selloff.  

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Grain and livestock futures finally close higher but is it just a technical bounce after grains hit 3 1/2 year lows?  Dave Chatterton, Strategic Farm Marketing, says in the grains it was also positioning ahead of USDA's data dump but without a weather threat the market may have more downside potential.  The cattle market popped after a three lower closes but he says it may be difficult to retrace any more with cash and boxed beef moving lower. Hogs recovered with short covering off contract lows.  

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Ag markets are trading risk on this morning with the lower dollar.  Grain futures are finally see a short covering bounce as they are oversold and heading into the USDA Report. Randy Martinson, Martinson Ag, says the funds have hammered the grains the last few days but have finally bounced off key chart support.  Livestock are also higher on corrective buying.  

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