Grain and livestock futures try to extend gains for a third day. Kent Beadle, Paradigm Futures, says there are several fundamentals driving it but technically markets have also seen strong action.
Jim McCormick, AgMarket.Net, says the wheat market is adding risk premium and if it keeps going corn and soybeans could follow producing a sustained fund short covering rally.
Corn planting is now 2% ahead of the five year national average, while soybeans are currently 4% ahead, according to the April 22, 2024, USDA Crop Progress report.
A risk on day resulted in higher closes in both grain and livestock futures. What drove the buying, and will it continue? Jim McCormick, AgMarket.Net, has details.
Cattle futures had a strong start to the week following Friday's Cattle on Feed report. Monday's trade took prices back to significant resistance levels, will they hold?