Markets Now with Michelle Rook

Soybeans rally on lower Brazil production estimates and weather, plus the rally in soybean oil.  Funds are covering shorts with soybeans above 40 day moving averages but will the keep buying and push contracts above $12?  Corn ends off highs after running into chart resistance and with farmer selling.  Wheat ended mixed still absorbing the China cancellations and lower Black Sea and European prices and that is capping technical rallies.  Cotton continues to rally with tight supplies and bidding for acres.  Cattle tried to recover with higher boxed beef values and a higher stock market but can it negate Friday's reversals?  Alan Brugler, Brugler Marketing, covers it all!  

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Cattle 2-sided early but trying to recover after a lower day Monday, but was Friday's reversal action an intermediate top in the market?  What are cash cattle ideas for this week?  Hogs mixed despite Tyson closing the Perry, Iowa plant.  Grains recover after early pressure so are funds covering shorts and can the rally continue with corn now above the 40 day moving average? Brad Kooima, Kooima Kooima Varilek, has the answers.  

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Corn and wheat recovered nicely after the early pressure tied to China cancelling another 9.7 million bushels of Soft Red Winter wheat.  Soybeans saw some farmer selling and profit taking pressure after running up into chart resistance and with China's poor PPI numbers.  Cattle saw follow through selling after last week's chart reversal.  Hogs consolidated but should be well supported by the rising cutout values.  Mike Minor, Professional Ag Marketing, has more.  

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Grains are lower this morning after China cancelled another 9.7 mb of SRW wheat and China's PPI fell for the 17th consecutive month.  The funds went even shorter in grains last week so what could get them to change that trend?  Kevin Duling, KD Investors has insight and talks about the poor technical action in cattle.  

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Grains end higher following the WASDE with very little change in domestic balance sheets.  USDA only lowered Brazil soybean production 1 mmt which was a bit disappointing but soybeans still closed higher Friday.  In fact, all the grain markets except Chicago wheat had higher weekly reversals and closed above 20 day moving averages.  Is this enough to get funds to cover short and produce a bigger rally?  Wheat also shook off a second day of China SRW cancellations.  Darren Frye, Water Street Solutions, discusses that plus whether the DOW and cattle markets have topped.    

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USDA leaves corn and soybean ending stocks unchanged in the WASDE, but only makes slight adjustments to South American numbers.  Chip Nellinger, Blue Reef Agri-Marketing says this is a disappointment but the markets are shrugging it off looking ahead to Conab numbers next week.  USDA raised wheat ending stocks 15 million bushels and China cancelled another 4 million bushels of SRW wheat but the market is higher with a lower dollar.  Cattle make new highs for the move with a push from higher cattle but then set back.  Is this a reversal?  Chip has more.  

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Cattle futures are higher following higher cash in the north at $183-$187 by some regionals, dressed mostly $292, up $2.  Cattle continue to see support from higher beef and fund buying with new highs in the deferreds.  Hogs consolidating with April still at a premium to the index but deferreds are just off contract highs.  Grains are failing after getting corn above the 20 day MA with markets taking a breather before the WASDE and with China cancelling another 4 mb of SRW wheat.  Scott Varilek, Kooima Kooima Varilek, has details.  

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Grains end higher Thursday with technical buying and short covering by the funds.  May corn climbed about the 20 day moving average which also triggered some buying.  The markets also got help from better China economic news and lower Brazil crop estimates.  Chicago wheat hit new contract lows with confirmation of the China cancellation of 4.6 million bushels of soft red winter wheat and then bounced with the other two classes.  All the grains saw some positioning ahead of tomorrow's WASDE.   So are the lows in?  DuWayne Bosse, Bolt Marketing, has the answers and also covers the mostly higher action in cattle and hogs.   

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Grains see early strength with better economic news out of China and some lower private estimates on Brazil corn and soybeans.  Weekly exports were better and while the China wheat cancellation was confirmed the market has priced it in.  Corn was able to get above the 20-day moving average and we may be seeing some short covering in all the grains ahead of the WASDE.  Cattle are mixed this morning ahead of cash development, hogs mostly higher trying to recover after profit taking and hedge pressure Wednesday.  Kent Beadle, Paradigm Futures, has more. 

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Corn ended higher on short covering which was impressive with new contract lows in wheat.  Wheat saw technical selling, but talk of China SRW cancellations also weighed on futures.  Soybeans continue to see Brazil harvest pressure.  Cattle are consolidating waiting for cash to catch up and a third lower day in hogs which may also be to premium to cash.  John Heinberg, Total Farm Marketing, has details.  

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