Soybeans and meal soar higher on Friday.  Naomi Blohm with Total Farm Marketing attributes the recent strength to end of quarter fund short covering and the market adding weather premium on dry Brazil forecast, plus hopes for more China demand.  Corn followed soybeans but has some of the same South American crop concerns.  Wheat was not able to follow the row crop rally futures are approaching chart resistance and saw some end of quarter and report positioning, plus prices become uncompetitive.  Cattle made new highs for the move with high cash news but live cattle consolidated into the close and Blohm thinks that market may be running out of gas.  Hogs ended mostly lower with heavier weights and increased upfront supplies indicated in the Hogs and Pigs Report.   

Soybeans and meal soar higher on Friday.  Naomi Blohm with Total Farm Marketing attributes the recent strength to end of quarter fund short covering and the market adding weather premium on dry Brazil forecast, plus hopes for more China demand.  Corn followed soybeans but has some of the same South American crop concerns.  Wheat was not able to follow the row crop rally futures are approaching chart resistance and saw some end of quarter and report positioning, plus prices become uncompetitive.  Cattle made new highs for the move with high cash news but live cattle consolidated into the close and Blohm thinks that market may be running out of gas.  Hogs ended mostly lower with heavier weights and increased upfront supplies indicated in the Hogs and Pigs Report.

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.

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