Markets Now with Michelle Rook

Grains are slightly lower Tuesday with livestock mostly higher.  Kent Beadle with Paradigm Futures says corn and soybeans are seeing technical selling after failing at chart resistance again on Monday and soybean oil is follow palm oil lower which is also a drag on the soybeans.  Wheat continues to trade better moisture in winter wheat areas.  However, demand is strong for corn and soybeans with strong cash basis levels and bull spreading evident and Mexico buying another 4.35 million bushels of corn this morning.  Cattle futures made new lows for the move Monday and bounced and are seeing follow through buying this morning, but to keep it going the market will need to see at least steady cash.  Lean hog futures make more contract highs on fund buying and strong demand.  

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Grains end lower to start the week, with livestock higher.  Allison Thompson with The Money Farm says pressure in the grains came from a lack of news or fresh demand, farmer selling and bearish outside markets like lower crude oil and a higher dollar.  Wheat was also down with improved weather and made new lows for the move before finding technical support.  Cattle futures also made new lows before bouncing and ending in the green but is it a one day blip?

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Grains and cattle are mixed Monday morning, with hogs higher.  Brad Kooima of Kooima Kooima Varilek, has details.  

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Corn and soybeans end slightly higher, wheat and livestock lower.  Alan Brugler, A and N Economics talks about some friendly numbers in the WASDE and if they can move the price meter, tariffs under the Trump Administration and export demand before and after Trump takes office.  We also talk about wheat, cotton, the record stock market impact on future fund actvitiy, plus if cattle are about ready to roll over after a poor close Friday.  

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USDA provides a bullish surprise on corn and soybean yields and ending stocks, little change on wheat.  Jim McCormick, AgMarket.Net breaks it down.  

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Grains are mixed early Friday, with pressure in the livestock.  Scott Varilek with Kooima Kooima Varilek says cattle futures are under pressure with Choice boxes down over $6 and light cash at $188 which is down from last week.  Feb live cattle futures have held support at the 100 day though.  Hogs seeing pressure from lower cutouts and following cattle but still seeing the cash index rise.  Grains are mixed ahead of the WASDE and despite more flash corn and soybean export sales this morning.  However, there may be some farmer selling in soybeans after the big rally and spreading between corn and beans.  

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Grains close mixed Thursday, livestock mostly higher.  Chip Nellinger, Blue Reef Agri-Marketing, says soybeans ended with nearly 23 cent gains in the January contract on the heels of new highs for the move in the soybean oil market, spread unwinding with corn and solid weekly exports.  He says he's been surprised with the ability of the soybean complex to discount the tariff concerns under a Trump Administration.  Corn was up only a penny despite weekly exports of 109 million bushels, seeing farmer selling, profit taking on spreads and a lower wheat market. Wheat saw technical selling and better rains in HRW areas weigh on the market.  However, there was also positoning ahead of the Fed decision of a quarter point drop in interest rates, as well as the WASDE.  Nellinger is only expecting slight revisions on yield in the November report.  Cattle and hogs ended mostly higher with help from the lower interest rates and despite market year low exports for both beef and pork.  

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Grain and livestock futures are mixed Thursday.  Mark Knight, Farmer's Keeper Financial, says soybeans are seeing follow through buying after a strong close yesterday and with strong exports of nearly 75 million bushels.  He says soybeans were able to to shake off tariff concerns after the election with ideas it Trump may hold China's feet to the fire on trade and China may front load more business.  Corn is getting drug down by wheat despite a strong close above resistance yesterday, exceptional weekly exports of 109 million and a flash sale of 4.7 mb to unknown. Here too he sees front loading on corn exports from Mexico and Japan before Trump takes office. Wheat is seeing pressure from rains that have fallen and more in the forecast for Hard Red Winter Wheat areas.  

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Grain and livestock futures closed mostly higher except for parts of the wheat complex.  Darren Frye, Water Street Solutions, says it was an impressive that grains, especially the soybean complex, shook off the election results, possible tariff hikes and a sharply higher dollar.  It may be tied to hopes export business will pick up before January 20 or Frye says the market may sense that exports won't be as bad as feared as these low price levels have stimulated demand.  The key will be for the market to see follow through buying.  Frye was surprised with the strength and new highs in the stock market in reaction to the election but that did help support the livestock futures. The big week continues with the FOMC decision and the WASDE.  .  

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Grains start lower in reaction to the election but quickly come off lows and corn even finds some buying.  Kevin Duling with KD Investors says he is impressed at how well the market is handling the possibiity of increased tariffs with China, maybe even Mexico.  But he says this may bring a flush of export business to the U.S. before January 20.  The stock market is also rallying, crude oil is lower and the dollar sharply higher in election reaction so there is some money flow impacting the ag markets and cattle are up as a result.  Duling says it will be interesting to see what all of these means for the Fed decision on Thursday.  Meanwhile, the market will need to gear up for the WASDE with ideas of slightly lower yields and ending stocks.  

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