Markets Now with Michelle Rook

Grain and livestock futures ended mostly lower again on Wednesday, with the exception of old crop corn.  Tommy Grisafi, Advance Trading, says so far the funds have been relentless sellers in the grains with the lack of a weather threat and ahead of the WASDE.  But he says farmers are also pitching in the towel and selling old crop inventory as well.  Are these three year lows in corn and soybean prices justified and what could get the funds to change trend?  Plus, cattle are confirming a top and lean hogs hit new contract lows.  

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Grain and livestock futures are mostly lower again Wednesday.  Darin Newsom with Barchart says funds continue to sell grains on the lack of threatening weather and as rains that have fallen over dry areas of the Eastern Corn Belt. Wheat continues to see harvest and hedge pressure with bigger yields. The lack of new demand is also a problem for the grains he says.  Cattle are lower for the third day and look like they may have topped along with boxed beef.  

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Soybeans make new lows for the move with rains in the Eastern Corn Belt, while Rich Nelson of Allendale says corn and wheat try to bounce on corrective buying. The cattle market fails for a third day as boxed beef rolls over and hogs fall with cattle.    

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Corn and wheat see a short covering bounce after the bloodbath Monday.  Kent Beadle with Paradigm Futures says soybeans are mixed with the forward spreads working, and indication of upfront demand.  Meanwhile November makes new lows and three year lows at that.  Weather has been bearish as well as report expectations and funds have been selling pushing record short in the corn market.  After some hedge pressure on Monday cattle are recovering with record cash.  Lean hogs continue to see bull spreading which may also be some underlying demand.  

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A risk off day and broad based selling in grain and livestock futures to start the week.  Brian Grete, Pro Farmer Editor, says grains saw technical selling with favorable rains and chances for more in the Eastern Corn Belt.  Plus, traders are gearing up for USDA reports as higher quarterly stocks and corn acreage are reconciled on the balance sheets.  Cattle futures failed as well despite record high cash trade and lower corn.  Lean hog futures are struggling to find a bottom with softer cash.  

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Cattle are mixed to higher after some record cash trade in the North again hitting $200 says Brad Kooima of Kooima Kooima Varilek.  He says its just a matter of time before the futures retest the record highs.  Hogs are slightly higher still trying to bottom.  Grains are under pressure on profit taking after higher weekly closes, rains forecasted for the Eastern Corn Belt and report positioning.

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Soybeans higher on a third day of short covering and following the strength in soybean oil.  Vince Boddicker, Farmers Trading Company, says corn is lower following wheat and with favorable weather, while wheat continues to struggle to put in a low.  Cattle futures rally despite a lack of cash trade, hogs see more bull spreading.

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Corn and soybeans end slightly higher on short covering, but Tomm Pfitzenmaier with Summit Commodity Brokerage, says rallies will be hard to come by in those markets with funds short and no real reason to change trend.  Wheat back lower consolidating after an up day Monday but seeing harvest pressure start to ease. Cattle rebound in the face of record cash but futures don't make new highs.  Hogs saw bull spreading and while a bottom may be in he says the market may move sideways for a while.  

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Corn and soybeans seeing a short covering bounce but Allison Thompson with the Money Farm is not sure this is bottoming action yet.  Wheat fails to see follow through after the rally Monday but she is more confident tht market is trying to put a low in.  Cattle futures rebound on the heels of record cash trade.  

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Corn ends fractionally lower after hitting three year lows so has the market absorbed all the bearish news?  Ted Seifried with Zaner Ag Hedge says September corn held Friday's low so he thinks the market can find a bottom.  Soybeans were higher on corrective buying with help from bean oil and the forward spreads indicate some underlying demand. Wheat sees short covering with harvest pressure easing.  Cattle see profit taking but Seifried isn't calling a top there yet. 

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