Grain and livestock markets are mixed this morning with positioning end of month and quarter and ahead of the USDA reports.  Joe Kooima, Kooima Kooima Varilek, says cattle futures are overbought and due for a correction.  Cash was higher last week but he thinks it will hold together again this week with tight numbers in the North and even with formula cattle available in the South.  Hogs have traded two sided but did have a lower weekly close and cash is starting to weaken which may indicate the market is ready for a correction.  Corn and soybeans started off lower with some rain chances in the 10 day forecast for Brazil and with some profit taking and positioning end of quarter and moving into the USDA report.  He says the big question is will the funds keep covering short positions in the grains to start a new quarter if the report is not hugely bearish.  

Grain and livestock markets are mixed this morning with positioning end of month and quarter and ahead of the USDA reports.  Joe Kooima, Kooima Kooima Varilek, says cattle futures are overbought and due for a correction.  Cash was higher last week but he thinks it will hold together again this week with tight numbers in the North and even with formula cattle available in the South.  Hogs have traded two sided but did have a lower weekly close and cash is starting to weaken which may indicate the market is ready for a correction.  Corn and soybeans started off lower with some rain chances in the 10 day forecast for Brazil and with some profit taking and positioning end of quarter and moving into the USDA report.  He says the big question is will the funds keep covering short positions in the grains to start a new quarter if the report is not hugely bearish.

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.