Markets Now with Michelle Rook

Scott Kooima of Kooima Kooima Varilek says cattle futures are setting back on disappointing cash in the South, profit taking and talk of packer issues due to flooding.  Hogs see bull spreading despite big up front supplies. Corn and soybeans are mostly lower, hitting 3 year lows, still digesting the USDA reports and seeing favorable weather.

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Grains close lower after bearish USDA Reports, especially the 1.4 million acre increase in corn area.  Chip Nellinger, Blue Reef Agri-Marketing, has analysis and price action.  Cattle lower on profit taking end of quarter and with cash only steady to $1 higher, while hogs saw short covering.  

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Grains are mixed positioning ahead of the USDA reports.   Hogs fall back despite what Joe Kooima of Kooima Kooima Varilek calls a neutral Hogs and Pigs Report compared to expectations.  However, he says the market has continue to sell off with lackluster cutouts and bigger than expected supplies and weights. Cattle trade into more near term highs with only light cash trade and few bids in the South indicating higher prices again this week.  

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Corn and soybeans make more new lows for the move on continued fund selling, weather and report positioning.  DuWayne Bosse, Bolt Marketing, says the trade is leaning to bearish heading into the reports and a surprise could lead to a nice short covering rally.  Wheat was up 12 to 18 cents on short covering as the market is oversold.  While cattle were mostly lower on profit taking end of month and end of quarter.  

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Grains end mixed to lower after trying to recover early in the session.  Kevin Duling, KD Investors, says the market is oversold but funds continue to sell leaning bearish on weather and heading into the USDA reports.  If grains can forge lows after the reports how much recovery could we expect?  Cattle make new highs for the move pushed by record cash and futures could take out the all time highs.  

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Grains are mixed trying to bounce after making new lows for the move on Tuesday and being super oversold.  Kent Beadle, Paradigm Futures, says funds have been selling trading weather with the rains in the ECB trumping the flooding in the Northwest, plus there is positioning end of month, before first notice day and heading into reports.  Cattle make new highs for the move anticipating higher cash, while hogs see short covering after new contract lows on Tuesday.  

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Grains see another bloodbath on Tuesday with massive fund selling and new lows for the move scored across the complex.  Don Roose of U.S. Commodities, says traders taking out weather premium and leaning bearish heading into the acerage and quarterly stocks reports on Friday, plus delivery period.  Live cattle mixed but June hit a new high for the move and well supported by record cash and strong demand.  Hogs hit more new contract lows ahead of the Hogs and Pigs Report.  

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Grains break to new lows and even some contract lows on fund selling.  Randy Martinson, Martinson Ag, says the markets are disregarding lower crop ratings and flooding in the Northwestern Corn Belt and looking at a cool, wet forecast as beneficial.  Markets are alo positioning ahead of end of month and USDA reports.  Cattle are mostly higher with lower corn and record cash, hogs mixed trying to bounce off new contract lows. 

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Grains end mixed with soybeans seeing corrective buying following soybean meal, while corn ends lower, wheat mixed.  Shawn Hackett, Hackett Financial Advisors, says corn and beans took out March lows and are oversold and could see some short covering into the end of the quarter and before the USDA reports.  Cattle futures see bull spreading with record cash verses bearish COF placements. Hogs again hit new contract lows following cash.  

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Grains are mostly lower except meal and nearby soybeans.  Scott Varilek, Kooima Kooima Varilek, says feeder cattle are higher with lower corn.  Live cattle are mixed with deferred contracts lower trading the bearish COF Report, nearbys trade record cash.  Hogs continue under pressure with soft cash and technical selling.    

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