Markets Now with Michelle Rook

Chuck Shelby, Risk Management Commodities, joins us on @AgDayTV to discuss how grain farmers can navigate the volatile weather markets this season. 

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Milk futures had a nice run this spring from the April lows rallying nearly $5 and getting many contracts back about the $21 mark. However, the market has corrected off the highs. Bryan Doherty with Total Farm Marketing says a surge in cheese demand and prices helped to push milk futures this spring.

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Darin Nesom, Barchart, discusses what lower interest rates by the end of the year could mean for outside markets and the grain markets.  

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Live cattle futures set back a second day after hitting new near term highs Monday and failing even though cash was at record levels. However, Brad Kooima of Kooima Kooima Varilek says it was just some routine profit taking.  Feeders consolidated with higher corn.  Hogs saw bear spreading with lower cash and cutouts weighing on nearby contracts.  Row crops see a technical bounce with lower crop ratings.  

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Bryan Doherty, Total Farm Marketing, says corn and soybeans try to bounce as they are technically oversold and with a 2% drop in crop ratings.  Wheat struggles on better yields and the lower EU market.  Cattle open higher then sell off despite their discount to the record cash from last week.  

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Grain markets were a blood bath on Monday on fund selling and improved weather in the extended forecasts. Kent Beadle, Paradigm Futures, says technical damage was done in all the markets.  Live cattle futures saw profit taking after near term highs and record cash last week.  Lean hogs saw a nice technical bounce as Beadle thinks the market got too cheap and is trying to bottom.  

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Chuck Shelby, Risk Management Commodities, says grains sell off going into the weekend on profit taking in row crops after hitting chart resistance, wheat continued to see harvest pressure making new lows for the move.  Cattle futures made new near term highs pushed by record cash, while hogs saw a short covering bounce and he thinks a low is forming.

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Grains lower early on profit taking, harvest pressure in wheat and a higher dollar. Cattle futures follow higher cash. Darin Newsom, Barchart, also talks about inflation, interest rates and what this could mean for fund activity in commodities.  

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Scott Varilek of Kooima Kooima Varilek discusses why live and feeder cattle futures can't make new highs, even with record cash trade.  

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Grains end mixed after USDA kicked the can down the road in the June WASDE in nearly every category except global wheat.  Oliver Sloup, Blue Line Futures, says now the markets will turn to the month end acreage and stocks reports, weather and the fund position.  Cattle had a disappointing close with early strength following equities, while hogs bounced off contract lows.  

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