Markets Now with Michelle Rook

Brad Kooima, Kooima Kooima Varilek says cattle futures are mostly higher early Monday on better cash news and trying to negate Friday's reversal. Lean hog futures ease on profit taking. While corn and soybeans see pressure from harvest and South American rain chances.  

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Grains end lower after a non eventful WASDE.  Oliver Sloup, Blue Line Futures, says grains saw some profit taking heading into the weekend with row crops seeing harvest pressure and focusing on South American weather, with rain chances in Brazil.  He says a shift in election polls giving Trump a slight edge may have also played into China tariff talk which would be negative.  Live cattle futures hit chart resistance and ended lower, despite steady to $1 higher cash trade.  Lean hogs made new highs for the move in all but the October as funds continue to buy.   

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Corn and soybeans end lower on harvest pressure, but John Heinberg with Total Farm Marketing says the row crop markets are removing South American weather premium and jockeying ahead of the WASDE Report out Friday morning.  Wheat saw additional fund short covering and was adding risk premium with dryness in Russia and possible export curbs.  Cattle make new highs for the move with steady to $1 higehr cash.  Hogs followed cattle but also saw strong weekly exports.  But will the funds keep pusing the meat markets? 

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Grains and livestock are mixed.  Weekly grain exports were decent this morning and Darin Newsom, Sr. Market Analyst for Barchart says wheat is seeing more fund short covering adding some risk premium, especially geopolitical.  Soybeans are seeing harvest pressure and removing some weather premium with forecasted rains for Brazil.  Corn is rangebound waiting for new news.  CPI data was slightly above expectations but will the stock market continue to make new highs and what does that mean for markets like cattle or even grains?  

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Grains end mixed Monday with livestock mostly higher.  Brian Grete, Pro Farmer, says wheat was supported by traders adding in some geopolitical risk premium and some light short covering and that also pulled up corn. However, he thinks funds are about done taking profits and don't have a reason to go long in the grains.  Soybeans held chart support but were weighed on by the lower meal market and he says if funds continue to exit their long position in the meal it will keep pressure on soybeans. Markets are also seeing some positioning ahead of the WASDE.  Cattle closed mostly higher with stronger cash for a 4th week, but may have a tough time taking out last week's highs.  Lean hog futures also reversed a lower start and have been resilient on fund buying and contraseasonal cutout strength.  

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Cattle open higher on the heels of steady to slightly higher cash trade, then trade two-sided.  Brad Kooima, Kooima Kooima Varilek, says the cash will likely be steady this week which may mean the futures could stall out.  The key will be if funds defend their long position in the market.  Funds are long in the lean hogs as well but that market is looking toppy.  Grains are mixed early with corn and soybeans seeing a lack of fund short covering due to harvest pressure and forecasted rains in South America, so that party may be over according to Kooima.  How low could prices go?  

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Grains end lower Friday as well as hogs, but cattle finish higher.  Don Roose, U.S. Commodities, says grains saw harvest pressure and profit taking after running into chart resistance, but were also removing weather premium.  What is the next move for the grains?  Cattle ended to the plus side with higher cash at $186 in the South, up $1 while hogs saw some consolidation and seasonal pressure.  

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Grains set back early, with livestock higher.  Shawn Hackett, Hackett Financial Advisors, says the grains are in transition as funds are nearly flat.  So what is their next move?   

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Grains close lower on Thursday, with livestock mixed to lower as well.  Grains saw profit taking and farmer selling.  DuWayne Bosse, Bolt Marketing, says grains ran up into some chart resistance and he thinks the fund short covering is starting to subside as well.  Plus, harvest pressure may be picking up and overwhelming any technical buying.  The markets are still watching global weather and rains forecasted for Brazil and Argentina next week had the market removing weather premium.  However, geopolitical tensions in the Middle East and caution ahead of the October WASDE are also market factors.  Livestock were mixed to lower on profit taking and hedge pressure following new near term highs on Wednesday and even though cash cattle trade so far has been strong.

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A mostly lower start in the ag markets Thursday.  Scott Varilek, Kooima Kooima Varilek, says after new highs for the move in cattle futures yesterday there is some hedge pressure and profit taking, plus packers talking about kill cuts and weights in the South are still above last year.  However, it looks like cash trade is going to be higher again this week with some $186 in the South already and $187-$188 in the North paid by a regional and producers asking $190.  Hogs are fading strong exports and seeing some profit taking after near term highs were hit there as well.  Grains are mostly lower with rain chances in the South American forecast and the funds nearly out of ammunition to cover shorts, plus prices have run into some chart resistance.  

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