Grains end lower on Thursday even soybeans after May ran up to aroudn $12.17 and then ran into chart resistance and saw farmer selling or hedge pressure.  However, the lower wheat market also drug down beans.  Wheat fell as China cancelled 1 mmt of Australian wheat, after cancellations of French and U.S. wheat earlier.  Jim McCormick, AgMarket.Net says its likely China is switching to Russian wheat as it has fell below $200/metric ton.  The lower wheat market also weighed on corn but it too hit chart resistance.  Live cattle made new highs for the move before seeing profit taking and hedge pressure with risk off from a higher dollar also a factor.  

Grains end lower on Thursday even soybeans after May ran up to aroudn $12.17 and then ran into chart resistance and saw farmer selling or hedge pressure.  However, the lower wheat market also drug down beans.  Wheat fell as China cancelled 1 mmt of Australian wheat, after cancellations of French and U.S. wheat earlier.  Jim McCormick, AgMarket.Net says its likely China is switching to Russian wheat as it has fell below $200/metric ton.  The lower wheat market also weighed on corn but it too hit chart resistance.  Live cattle made new highs for the move before seeing profit taking and hedge pressure with risk off from a higher dollar also a factor.

Michelle Rook talks daily with industry analysts to break down agricultural and commodity markets. 

Michelle Rook talks daily with industry analysts to break down agricultural and commodity markets.

Markets Now with Michelle Rook

Michelle Rook talks daily with industry analyst to break down agricultural and commodity markets. 

Michelle Rook talks daily with industry analyst to break down agricultural and commodity markets.