Markets Now with Michelle Rook Michelle Rook

Grains see another bloodbath on Tuesday with massive fund selling and new lows for the move scored across the complex.  Don Roose of U.S. Commodities, says traders taking out weather premium and leaning bearish heading into the acerage and quarterly stocks reports on Friday, plus delivery period.  Live cattle mixed but June hit a new high for the move and well supported by record cash and strong demand.  Hogs hit more new contract lows ahead of the Hogs and Pigs Report.  
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Grains break to new lows and even some contract lows on fund selling.  Randy Martinson, Martinson Ag, says the markets are disregarding lower crop ratings and flooding in the Northwestern Corn Belt and looking at a cool, wet forecast as beneficial.  Markets are alo positioning ahead of end of month and USDA reports.  Cattle are mostly higher with lower corn and record cash, hogs mixed trying to bounce off new contract lows. 
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Grains end mixed with soybeans seeing corrective buying following soybean meal, while corn ends lower, wheat mixed.  Shawn Hackett, Hackett Financial Advisors, says corn and beans took out March lows and are oversold and could see some short covering into the end of the quarter and before the USDA reports.  Cattle futures see bull spreading with record cash verses bearish COF placements. Hogs again hit new contract lows following cash.  
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Grains are mostly lower except meal and nearby soybeans.  Scott Varilek, Kooima Kooima Varilek, says feeder cattle are higher with lower corn.  Live cattle are mixed with deferred contracts lower trading the bearish COF Report, nearbys trade record cash.  Hogs continue under pressure with soft cash and technical selling.    
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Chuck Shelby, Risk Management Commodities, joins us on @AgDayTV to discuss how grain farmers can navigate the volatile weather markets this season. 
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Milk futures had a nice run this spring from the April lows rallying nearly $5 and getting many contracts back about the $21 mark. However, the market has corrected off the highs. Bryan Doherty with Total Farm Marketing says a surge in cheese demand and prices helped to push milk futures this spring.
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