Markets Now with Michelle Rook Michelle Rook

Grain and cattle futures end mostly lower on Friday and were lower for the week.  Is this topping action? Where do the markets go from here? Naomi Blohm, Total Farm Marketing, digs into the technicals, seasonals and other factors the markets will be watching starting a new month.  
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Grains back higher after correcting the last three days and removing some weather premium.  Is this recovery all technical and will it last?  Darin Newsom, Sr. Market Analyst for Barchart, says wheat has the best chance of holding gains with concerns about drought still in 25% of HRW areas.  Markets are also keeping an eye on geopolitical events.  Cattle continue their slide for a third day.  
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Cattle end lower for a second day with China delisting beef from the JBS plant in Greeley, CO due to traces of ractopomine, plus end of month profit taking.  Cash has been light but a bit lower at $186 in the South, but some reports of $191 in the North.  Scott Varilek, Kooima Kooima Varilek, says the futures discount to cash has been supportive.  Hogs bounce on short covering as the market is over sold and spread unwinding with cattle.  Grains end lower on technical selling and removing weather premium but is this topping action?
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Corn and wheat continue to consolidate on end of month profit taking, with risk off from a lower stock market and lack of a new weather story.  Soybeans try to bounce with meal after holding chart support.  Cattle are 2-sided trying to recover after a flash crash yesterday on new China was banning U.S. beef from a CO JBS plant due to ractopamine, but end of month profit taking.  Hogs still searching for a low.  Vince Boddicker, Farmers Trading Company, has details.  
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Grain and livestock futures all end lower in a risk off day tied to the fast planting pace, another HPAI case in an Iowa poultry flock, plus its end of the month which may have resulted in some profit taking.  However, is the grain market starting to put in a top?  Cattle consolidate despite record cash while hogs make new lows for the move. Rich Nelson, Allendale, has more.
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Live cattle are mixed taking a breath and digesting last week's record cash, but with tight numbers its just a matter of time before futures make new highs according to Brad Kooima of Kooima Kooima Varilek.  Feeders continue to make new highs for the move. Hogs try to bounce and correct their oversold status.  Corn and soybeans struggle with planting progress and may continue to without a continued rally in wheat.
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