Markets Now with Michelle Rook

Grains end the week on a sour note wtih cattle mixed and hogs higher Friday. Oliver Sloup, Blue Line Futures, has analysis.  

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Grains are mixed early with livestock higher.  Randy Martinson, Martinson Ag, says soybeans are seeing profit taking on South American weather and despite another 7.3 million bu. of export business this morning, Corn and wheat are following soybeans with a higher dollar serving as a headwind.  Cattle are recovering but need to close higher to negate yesterday's reversal.  There is talk APHIS will release guidance on when the Mexican border will open to feeder cattle later today.  

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Grain and livestock markets close mixed Thursday.  Bryan Doherty, Total Farm Marketing, says corn is hit by profit taking and farmer selling after running into chart resistance and that pulls the wheat market lower.  Soybean held their own still holding chart support with solid weekly exports and a 12.3 million bu. sale of soybeans to unknown destinations, plus the South American crop is not made just yet.  Cattle futures made new highs for the move with the volume of cash trade steady to $3 higher and with higher cutouts but then failed.  So is it a reversal or a top?  Milk and product prices soar on Thursday, what was behind the move and how much upside is there?  

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Grains are drifting after hitting chart resistance but livestock are strong.  Mark Schultz, NorthStar Commodity, says weekly exports were just routine this morning and a 12.3 mb sale of soybeans to unknown destinations is failing to excite the market.  South American weather will be the key moving forward.  Cattle are higher with live cattle making new highs for the move on sharply higher cash, hogs are following.  

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Grain and livestock close mixed Wednesday.  Alan Brugler of A&N Economics, LLC says corn started higher still digesting the bullish cut to stocks but ran into chart resistance.  He thinks eventually the market will take out that level due to strong demand.  Soybeans ended higher with some corn soybean spread unwinding.  Wheat extended gains on short covering and tightening global stocks. Cattle make new highs for the move with higher cash in the North at $192-$193 and $300 dressed so is the market poised to retest the contract or all time highs?  Hogs continue to consolidate on profit taking and hedge selling.  

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Kent Beadle, Paradigm Futures, says grains are higher early Wednesday extending gains from Tuesday still digesting the bullish USDA report data for corn and even wheat.  Soybeans seeing spillover support.  Cattle open lower then quickly see buying interest with some steady/higher cash at $191 in the South yesterday but markets are up into chart resistance.  Hogs rebound after a lower day yesterday which saw hedge selling pressure but funds continue to buy on the breaks.  

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Darren Frye, Water Street Solutions, says grains close higher after the WASDE and USDA's surprise cut in corn ending stocks by 200 million bushels.  Soybeans and wheat followed corn but wheat also say lower ending stocks by 20 million.  Cattle also closed strong pushed by higher cash and cutouts plus strong demand.  

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USDA shocks market with lower corn ending stocks in the December report.  Matt Bennett, AgMarket.Net, has more.  

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Grains end mixed on Monday with corn and wheat seeing some value buying and adding risk premium on geopolitical concerns.  Corn continues to see strong demand and that could show up in the WASDE Tuesday as well.  Soybeans fell with lower Brazil basis levels as the market gears up for a record crop.  Tariff talk has been negative but he expects a trade war followed by a trade deal.  Cattle priced in higher cash but are still seeing apprehension and trading at a discount.  Hogs were lower on hedge pressure and Funds took a break from adding to their record long position.  But he says with 2% lower production than expected by USDA the market will be well supported.  

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Cattle and grains see early strength, while hogs set back.  Brad Kooima, Kooima Kooima Varilek, has more.  

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