Markets
Today’s commodity market news. Featuring expert analysis from Michelle Rook, Jerry Gulke and Pro Farmer Editors.
Jerry Gulke, president of the Gulke Group, says with the amount of variability in this year’s crop it makes yields difficult to determine. So, he suggests producers do some risk management before the August WASDE.
DuWayne Bosse with Bolt Marketing says corn and soybeans traded both sides of steady on Friday gearing up for the WASDE.
Scott Varilek with Kooima Kooima Varilek says cattle futures hit resistance on the charts despite higher cash. So what will it take to get through those resistance areas?
Mike Castle of StoneX says with a lack of any major news, corn and soybeans saw a bit of positioning ahead of the Aug. 12 WASDE Report
Allison Thompson with The Money Farm says grains are drifting quietly lower with no fresh new news and awaiting the WASDE.
Kevin Duling with K.D. Investors says corn and soybeans are keying off of private estimates which are raising yields, especially for corn.
Randy Martinson with Martinson Ag says there is more rain in the forecast for most of the Corn Belt in the extended. Plus, private yield estimates are weighing on corn and soybeans.
Chuck Shelby of Zaner Ag Hedge says the grain markets tried to extend gains in the overnight session and hit chart resistance causing consolidation.
Mark Knight with Farmer’s Keeper Financial says the grains were seeing profit taking early Tuesday but the big story headlines were again war and weather.
A flash sale of 17.9 million bu. of new crop soybeans to China and another 5.0 million bu. to unknown destinations helped the soybean market rebound says Mike Minor with Professional Ag Marketing.
Brad Kooima of Koomia Varilek says the lows look like they are in the cattle market, but how much more recovery does he expect?
Jerry Gulke, president of The Gulke Group says he thinks it is too early to call a top in the grain markets.
Matt Bennett with AgMarket.Net says corn and soybean market was removing weather premium Friday with rains falling over portions of the Western Corn Belt Thursday evening and moving to east.
Scott Varilek with Kooima Kooima Varilek says there are signs he’s looking for yet in the cattle market to confirm the lows are in.
Don Roose of U.S. Commodities says wheat saw big gains early on the halt to exports in the Black Sea but could not hold at the highs. The corn and soybean market were lower on improving weather and served as an anchor.
Darin Newsom, senior market analyst for Barchart, Inc. says wheat was rallying Thursday as exports have been halted in three major Russian ports.
Jamie Gieseke with Paradigm Futures says the soybean market was removing weather premium.
Mike Minor of Professional Ag Marketing says the rains will have a bigger impact on soybeans, which are leading the losses.
John Heinberg with Total Farm Marketing says corn also got a boost from the 4% drop in crop ratings down to 63% good to excellent, the largest drop for the week in 20 years.
DuWayne Bosse with Bolt Marketing says the historic drop in crop ratings was supportive of corn and soybeans early. While cattle were trying to recover after the massive melt down on Monday but will it hold?
Brady Huck with Empower Ag Trading says the grain complex removed war and weather premium, while cattle ended sharply lower in reaction to the resumption of partial cattle trade with Mexico.
Joe Kooima of Kooima Kooima Varilek says the gap lower opening in cattle futures Monday in response to the border reopening to Mexican imports was volatile. They anticipate more to come to price in the news, even after a $25 to $30 break in the futures recently.
Brian Grete with Commstock Investments says, “We’ve seen China come in and be a fairly active buyer over the past several weeks here of new crop U.S. soybeans. There was more talk of that on Friday. And so that gave us some price support.”
Scott Varilek with Kooima Kooima Varilek says the live cattle futures made new lows for the move Thursday before finding support and putting in key reversals.
Chip Nellinger of Blue Reef Agri-Marketing says the rally in soybeans is being driven by China demand and weather concerns.
The market has been supported by war, weather and China demand according to Bryan Doherty of Total Farm Marketing.
Randy Martinson of Martinson Ag says the winter wheat market was adding risk premium tied to the war which pulled up corn.