Markets Now with Michelle Rook

Bryan Doherty, Total Farm Marketing, says grains limp into the weekend on profit taking after hitting chart resistance but also farmer selling and rain chances in South America and the Southern Plains in the 10 day outlook.  However, prices should be well supported by strong underlying demand.  Live cattle consolidated heading into the weekend and Cattle on Feed Report despite $2 higher cash. The report showed on feed slightly below 100%, Placements at 98% just above expectations, Marketings at 102%.  

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Grains ease, while livestock are mostly higher early Friday.  Scott Varilek with Kooima Kooima Varilek says cattle make more new highs for the move on hedge lifting and higher cash trade which was generally up $2 yesterday.  However, cattle are into resistance areas on the charts and may be due for a correction.  Hogs scored a reversal Thursday and are looking toppy.  Grains are easing with farmer selling picking up and some profit taking as many contracts are into resistance on the charts, but prices should be well supported by improved demand.  

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Grains and livestock futures end mixed with corn, wheat and cattle higher, soybeans and hogs weaker.  Tomm Pfitzenmaier with Summit Commodity Brokerage says corn was pushed by strong demand with 15.5 million bushels of flash sales and weekly exports of 142 million bushels, the highest in 3 1/2 years.  But how much higher can prices go before the U.S. prices becomes unattractive to exporters and the markets hit chart resistance?  Soybeans also saw strong exports over 79 million and more flash sales but had a disappointing close running into chart resistance.  Wheat followed corn and got some help from a weaker dollar and decent exports.  Cattle futures recovered with higher cash trade at mostly $190 in the South, up $2 and up to $192 in the North and he thinks cash and futures can continue to grind higher taking out the old highs.  Hogs made fresh for the move highs then scored a reversal, so it that market topping?  

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Grain and livestock futures are mostly higher.  DuWayne Bosse of Bolt Marketing says corn and soybeans are getting pushed by strong weekly exports and more flash sales.  Corn is above both the 50 and 100 day moving averages and November soybeans are above $10 so charts are looking attractive for funds as well.  How long will the demand rally last with South America getting rain?   Wheat has been lagging row crops with rain chances in U.S. wheat areas and competition from Russia, plus the strong dollar.  Cattle rebound a day after the McDonald's E.coli story pressed the market but can cattle take out chart resistance and keep moving higher?  Hogs continue to look strong on fund buying and lower than forecasted slaughter.  

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Grain and livestock markets closed mixed Wednesday.  Rich Nelson of Allendale says corn and soybeans showed resilience rallying into the close on technical buying and strong demand.  The markets saw more flash export sales and weekly exports on Thursday are likely to be strong, plus ethanol production was robust.  However, is the export activity front loading ahead of the elections?  Wheat tried to follow corn and soybeans but struggled with a higher dollar.  Cattle made new for the move highs and then sold off on the McDonald's e.coli story, lower stock market and running into chart resistance.  Hogs also made 1 year highs and Nelson says six weeks of lower than expected slaughter numbers are supporting smaller supplies and boosting the market.  

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Grains are quietly mixed Wednesday morning, with livestock higher.  Alan Brugler, A and N Economics, LLC says grains are caught in a tug of war between farmer selling and strong cash basis levels due to strong demand.  That was confirmed by more export sales of corn and soybeans Wednesday.  However, there uncertainty in the markets about the election, tariffs and low water levels on the Mississippi River again.  Plus, the dollar is higher and crude oil lower today which is a factor.  Cattle rally initially and live cattle made fresh near term highs but got right into chart resistance plus there may be some initial reaction to McDonalds pulling their Quarter Pounders.  

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Grain and ivestock end in the green in a risk on day with crude oil supporting the ag sector.  Craig Turner with StoneX says grains saw technical buying off support areas but underlying demand is also supportive as well as an easing of hedge and harveset pressure.  Wheat saw buying tied to Russia's lower crop estimates and export restrictions.  He discusses how much higher prices could run on this relief rally.  

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Grain and livestock are mostly higher Tuesday.  Allison Thompson with The Money Farm says corn and soybeans bounced off chart support and are seeing fund short covering but also strong end user buyer with another 14.2 million bushels of corn sold to Mexico. Soybeans are also watching stimulus efforts in China again with hopes of demand.  Wheat is trying to follow but struggles with improving weather in the wheat areas of the U.S. and Black Sea and Russia still undercutting global prices.  Cattle recover but need to take out overhead resistance to keep the bulls buying.  

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Corn and soybeans see fund or corrective buying plus help from flash export sales.  Dave Chatterton, Strategic Farm Marketing, says row crops are in a tug of war between speculative and hedge selling verses end user buying which could keep the markets sideways.  There is also uncertainty tied to the election and possible tariffs or a trade war.  Wheat saw support from disappointing rains in the Central Plains over the weekend but ended mixed with Russia still undercutting world wheat prices in their export program.  Cattle saw profit taking and divergence with steady to higher cash and cutouts. Lean hog futures made new for the move highs as funds continue to buy but will they make new contract highs?  

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A higher start in grains Monday with cattle lower. Brad Kooima of Kooima Koomia Varilek says cattle fall after a lower week but despite steady to $1 higher cash last week as they were overbought.  He thinks the market may be consolidating sideways, and is seeing cautious trade ahead of the Cattle on Feed Report.  However, beef prices are moving higher with increased kill and that should be supportive.  Hogs made new highs for the move on fund buying.  Grains are back higher with a string of flash export sales and missed rains in the Southern Plains supportive.  

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