Markets Now with Michelle Rook

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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Grains rally on weather and technical buying.  Will funds keep covering their short positions now that most of the grains are above the 100 day moving averages and what kind of rally could that produce? Tommy Grisafi, Advance Trading, has answers plus how farmers can take advantage of the rally.  

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Cattle set back despite higher cash news with Canada putting import restrictions on lactating cattle for H5N1.  However, Brad Kooima, Kooima Kooima Varilek, says cash could be higher again this week and futures are at a discount which is supportive.  Hogs set back with cattle and the futures premium to the cash index.  Grains open mixed and quickly push higher on weather and fund short covering.  

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Grains end higher Friday with chart breakouts leading to technical buying and fund short covering.  The market is trading U.S. and South American weather and crop concerns, but the lower dollar helped.  Can the rally be sustained?  Don Roose, U.S. Commodities, has the answer.  Plus, live cattle end higher Friday with higher cash trade, but can it put bird flu fears behind it?  And hogs end lower Friday and for the week with the futures premium to the cash index dragging down the market.  

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Weather concerns in South America and the U.S. continue to drive the grain markets.  We get the latest with Eric Snodgrass, Senior Science Fellow, Nutien Ag Solutions.  

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Grains continue higher with weather concerns in the U.S. and South America, a lower dollar and funds are covering shorts with the stronger technical action.  Crude oil continues to see pressure.  Will the funds eventually buy grains?  Darin Newsom, has the answers.  

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Grains rally on fund short covering.  Soybeans and soybean meal took the lead adding weather premium with heavy rains and flooding in southern Brazil and parts of Argentina.  Corn followed soybeans and wheat higher, but may be trading some early concerns about planting delays with the wet forecast for the corn belt.  Wheat was adding weather premium due to the lack of rain on southwest HRW areas and parts of Russia.  So are we seeing a chart breakout that will keep funds covering short positions to keep the rally going?  John Payne, Advance Trading, has details plus covers the recent slide in cotton and the recovery in cattle after negative tests for H5N1 in ground beef.  

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Cattle futures gap higher on the open with APHIS announcing negative tests for bird flu in ground beef and cash trade and bids moving higher.  Plus, a marketing year high for beef exports.  Hogs set back after taking out support and with the futures at a premium to the cash index.  Grains rally on planting delays in the U.S. and harvest problems in South America.  Is a technical breakout in the making?  Scott Varilek, Kooima Kooima Varilek has it all!

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Corn, soybeans and bean oil see a short covering technical bounce, but is corn also adding some weather premium?  Wheat corrects with rain the forecast for dry HRW areas so is it routine profit taking or is the rally about over?    The FOMC leaves rates unchanged so why did the stock market rally?  Ted Seifried, Zaner Ag Hedge, has the answers. Plus, he says cattle see fund liquidation on continued fears about H5N1 and he is watching the April lows for support on the charts.  

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Grain and livestock futures are mixed early Wednesday.  Wheat is consolidating and pulling down corn, while soybeans are seeing a bounce with bean oil despite more deliveries.  When will the grain markets start to trade weather and planting delays?  Chuck Shelby, Risk Management Commodities, has more.  Plus a look at how cattle continue to chase H5N1 headlines and how that might be beneifitting the hog market.

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