Markets Now with Michelle Rook

Grains are mostly higher early Tuesday, with livestock mostly lower.  Randy Martinson with Martinson Ag says grains are positioning ahead of the election, Fed announcement and the WASDE.  Martinson says the election results will influence the grain market direction especially with the fear of tariffs and trade disruptions.  As far as the WASDE, he sees only slight adjustments on yield and demand.  Cattle continue to slide on profit taking and fund liquidation and awaiting cash trade.  Hogs put in reversals yesterday and are seeing more pressure today perhaps confirming a top.  

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Grains close mostly higher, with livestock lower.  Mark Schultz with Northstar Commodity says strong demand continues to support corn and soybeans.  USDA announced more flash export sales of 10.6 million bushels of cornto Mexico and unknown and 4.85 million of soybeans also to unknown, plus export inspections were strong for soybeans.  However, both markets continue to be rangebound and can't get above chart resistance.  So what will it take take get above those levels?  Wheat reluctantly followed the row crops with a lower dollar but some rains in HRW areas limited gains.  Cattle continued to consolidate which seasonally is normal but with funds so long will they continue to defend their position?  And hogs made more contract highs in the back months and then reversed.  Is that market topping or will funds keep defending their record long position?  

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Livesock are mostly lower Monday with grains higher led by soybeans.  Joe Kooima of Kooima Kooima Varilek says grains are seeing support from strong demand and more export business.  Cattle continue to correct with nervousness about the election and heavy weights, but should be well supported by steady cash and the futures discount as well as funds defending their long position.  Hogs consolidate after more new contract highs, but funds are near to record long and have been buying on the dips pushing prices to levels not seen since 2013 and 2014.  Kooima says it seems to be a combination of strong demand, especially exports to Mexico, and tighter than expected supplies.  

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Row crops and livestock end mostly higher, wheat lower.  Scott Varilek with Kooima Kooima Varilek says corn and soybeans were supported by strong demand initially but ended off highs as the markets ran into chart resistance and on election jitters and positioning.  Cattle had a wild day but managed to end mostly higher except December live cattle.  Is this topping action?  More contract highs in lean hogs as the contra seasonal rally continues but for how long?  

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Grains are all higher early Friday.  Darin Newsom, Sr. Market Analyst with Barchart says some of the support coming from election jitters but demand is also a part of it.  More big flash sales reported as Mexico bought 30.8 million bushels of corn and China and unknown bought over 12 milllion bushels of soybeans.  There is also geopolitical concern coming from the Middle East war that may be supporting especially wheat and crude oil.  Soybean oil is making near term highs following palm oil but with a 30,000 mt sale to India.  Newsom says cattle look toppy and the S and P may be topping as well after Thursday's bearish monthly reversal.  

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Grain and livestock ended mixed Wednesday.  Mike Minor with Professional Ag Marketing says soybeans saw a nice short covering bounce on the heels of a rally in soybean oil and more flash export sales to China and unknown.  However, corn could not follow soybeans or the higher wheat market, despite more export business due to harvest pressure and technical selling after failing to take out chart resistance.  Cattle futures saw follow through technical selling after bearish reversals on Tuesday and with lower boxed beef values.  Minor says the key will be what the cash does as the end of the week.  Lean hog futures hit more contract highs on fund buying but Minor says strong demand as seen in the higher cutout value has also been supportive.  

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Grain and livestock markets end mixed.  Mike Zuzulo, Global Commodity Analytics, says wheat leads gains putting in risk premium on the low crop rating and triggeres some short covering.  Corn follows wheat but saw some pressure taken off with the crude oil market stablizing.  Soybeans set back on lower meal, South American planting progress and China's weak demand and meal prices. Cattle see profit taking after Dec live cattle hit new highs for the move, while hogs make more new highs on contraseasonal strength in cash and cutouts plus lower supplies.  

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Grains see corrective buying bouncing off technical support says Kent Beadle with Paradigm Futures.  He says more stable prices for crude oil is helping as well.  Wheat is getting support from less rain in the forecast for HRW wheat areas and a 38% good to excellent wheat rating which is well below a year ago and historically low.  Cattle are mixed after a higher day yesterday pushed by a $2.44 jump in the 5-Area Weighted Average cash price for steers, the 7th higher week.  Beadle says as long as cash can stay steady to firm futures should be able to get through chart resistance.  Lean hog futures make more contract highs Tuesday pushed by technical buying and contra seasonal strength in cash and cutout. 

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Grains end lower, livestock higher Monday.  Arlan Suderman with StoneX says grains saw technical and risk off selling from sharply lower crude oil, but harvest pressure and improved weather and planting pace in South America also weighed on the market.  Cattle ended higher working in the Cattle on Feed numbers and helped by strong cash last week.  

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Cattle are trading two-sided early.  Brad Kooima of Kooima Kooima Varilek says the market is digesting the USDA Cattle on Feed Report.  The numbers came in near expectations except placements were 2% above expectations at 98% but still below a year ago.  Cash trade was mostly $190 last week up $2 and looks to be higher again this week he says.  And McDonald's has put Quarter Pounders back on the menu saying the beef is free of E.coli.  Lean hog futures are trading two-sided after a higher week last week with contra seasonal cash strength, but into chart resistance.  Grains are setting back on technical selling, better rains in South America which have helped Brazil farmers catch up on soybean planting and crude oil is down sharply.  However, Kooima says he's hopeful the lows are in the corn market with strong demand but soybeans may be suseptible to downside pressure.  

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