Markets Now with Michelle Rook

Grains are seeing a little profit taking and pressure from the announcement of additional China tariffs, plus Conab raise corn and soybean production in Brazil.  Cattle and hogs both bounce on short covering, higher product values.  Kent Beadle, Paradigm Futures, has more.  

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Grains end higher led by wheat with continued crop concerns and fund short covering.  Live cattle lower despite the futures discount to cash, with feeders higher.  Hogs continued to consolidate on the futures premium to the Lean Hog Index.  Brian Grete, Pro Farmer, has details.  

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Cattle are mostly higher early with steady to slightly higher cash last week and the futures discount and tight numbers supportive.  That's according to Brad Kooima of Kooima Kooima Varilek.  Hogs bounced after a lower week but cash is weakening and will cap the rallies.  Grains start mixed and then quickly turn higher led by wheat with crop and weather concerns continuing to drive fund short covering?  But funds have exited a big chunk of their short position in corn and soybeans so how much will that limit the upside? 

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Grains end higher on Friday after the WASDE, but was the market trading the report or was it weather and fund short covering.  Chip Nellinger, Blue Reef Agri-Marketing, has more plus talks cattle.  

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Grains all higher after the WASDE, with a friendly report for corn, nuetral for wheat and bearish for soybeans.  Matt Bennett, AgMarket.Net unpacks the numbers.  

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Cattle futures try to rally early with some short covering but the market lacks confidence due to bird flu news.  Yet  Scott Varilek, Kooima Kooima Varilek, says cash trade news is still positive but light with $187 in the North and $186 on some in Kansas.  Hogs try to bounce but continue to be held back by the futures premium to the LHI.  Grains higher led by wheat but can gains hold into a potentially bearish WASDE? 

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Tommy Grisafi, Advance Trading, discusses strategies for marketing during this volatile weather market.  

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Tomm Pfitzenmaier, Summit Commodity Brokerage, says the early new crop estimates for the May WASDE are larger than last year which could be potentially bearish.  However, these estimates are in line with the USDA Ag Outlook Forum which could produce a neutral reaction if the report comes close to those projections.  The other key will be whether or not USDA reconciles the South American crop and brings it closer to Conab's estimates as there is currently a big discrepency.  

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Grains ease Tuesday as the markets hit technical resistance on the charts and were due for a correction.  Are the funds done covering shorts?  Arlan Suderman with StoneX says they might be as weather concerns have been priced in.  Plus the rally was met with farmer selling in the U.S. and South America. The market also took a pause ahead of a potentially bearish WASDE Report.  Cattle recover with a void of new bird flu headlines and with strong cash and cutouts.  

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Grain markets open lower but corn and soybeans are trying to bounce.  Early pressure was due to farmer selling and funds may take a break after 3-4 days of buying which pushed prices into chart resistance.  Wheat pressure coming from improved winter wheat conditions, fast spring wheat planting and weather.  The markets are also preparing for the WASDE.  Cattle and hogs rebound on short covering and softer grains.  Tomm Pfitzenmaier, Summit Commodity Brokerage, has more.  

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