Markets Now with Michelle Rook

What is the outlook for weather for Plant 24?  Meteorologist Eric Snodgrass has the forecast.  

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CPI data came in hotter than expected this morning which is weighing on the equities and the dollar has surged as well.  Wheat is rallying on short covering and Russia is slowing exports due to quality issues.  Corn is getting spillover support from higher wheat and crude oil.  Soybeans are lower with concerns about Conab raising Brazil crop estimates and despite 9.3 mb of new crop export business.  The complex is also positioning ahead of the USDA reports and watching weather.  Cattle set back on profit taking by the funds with another case of Bovine Influenza A in New Mexico.  Hogs are mixed but due for a correction after more contract highs were hit Tuesday.  Tomm Pfitzenmaier, Summit Commodity Brokerage, has details.  

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Grains lower on fund selling and weather. Cattle see corrective buying, while funds continue to push hogs into contract highs and they are also buying other commodities like gold and cocoa.  So why aren't they buying grains and is the market running out of time for a spring weather rally?  Ted Seifred, Zaner Ag Hedge, has all the answers.  

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Cattle seeing an early rally but can they hold it or will funds sell that strength?  And what will the cash cattle market do this week?  Funds continue to buy hogs pushing them to new contract highs. Grains set back on favorable planting weather.  Joe Kooima of Kooima Kooima Varilek covers it all.

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Grains end quietly mixed as do cattle futures, but hogs rebound into new contract highs. Brian Grete, Pro Farmer, says the grains have been rangebound and sideways with not a lot of fresh news.  Could that come from the April WASDE? Live cattle bounce, with fresh lows in feeders but is the market close to a bottom?  And hogs reverse to end with new contract highs.  

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Grain markets are steady to higher early Monday with wheat seeing a rally which is helping corn and soybeans.  Cattle are mixed with hogs lower on profit taking.

Kent Beadle with Paradigm Futures has more.  

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Markets end mixed Friday as corn hits chart resistance at the 50-day moving average and consolidates, despite higher wheat and soybeans.  Wheat saw a short covering rally but news on Russian export issues due to quality problems was also supportive, while soybeans seemed to follow soybean oil and crude oil.  However, all the grains are sideways on the charts.  Cattle made new lows for the move on Friday and were down for the week on HPAI fears and fund selling, while funds moved over to buy hogs which saw more contract highs.  The stock market also had a down week with fears of inflation and higher for longer interest rates.  Tommy Grisafi with Advance Trading covers it all.  

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Grains leaning higher as the wheat market is pulling up corn and soybeans and we're seeing end of week short covering in all three markets.  However, corn continues to hit chart resistance around the 50-day moving average.  Markets are watching weather, planting progress and outside markets.  The dollar is up with non-farm payrolls coming in hotter than expected but will it really change the Fed's course on interest rates?  Cattle continue to see fund profit taking with concerns about HPAI while they seem to be buying in hogs.  Darin Newsom, Senior Market Analyst, for Barchart has details.  

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Grains lean higher except soybeans on Thursday.  Corn sees follow through buying after bounced off key support Wednesday but the market is also having trouble getting above resistance on the charts looking for fresh bullish news.  Soybeans fall on disappointing weekly exports.  Will the funds stay short in the grain markets heading into the growing season?  Cattle see a recovery rally but can the market see further buying amid HPAI headlines?  And hogs continue attract fund buying and June on back are hitting new contract highs but strong demand is also supportive.  Jeff Hoogendoorn, Professional Ag Marketing, has more.

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Cattle again try to bounce early but rallies are hard to sustain as new HPAI headlines continue to circulate.  Uncertainty has caused fund selling so the hope is the market can find the answers it needs to stablize.  Plus, cash cattle news has been better than expected and the futures are at a discount so hopefully that will help.  Hogs are consolidating after a fresh round of contract highs in June and deferred Wednesday on strong demand and higher cash with tighter than expected supplies.  Grains continue to chop looking for fresh news, but do the funds want to be so short heading into the planting season.  Scott Varilek, Kooima Kooima Varilek, has answers.  

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