Markets Now
National reporter Michelle Rook talks daily with industry analysts to break down crop and livestock commodity markets. Listen below to learn what’s happening with the markets when they open, at midday and again at close.
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Joe Kooima with Kooima Kooima Varilek says the cattle were down early Friday pricing in the plant closure news, but this time seems different regarding the long term implications for the market.
Sam Hudson of Corn Belt Marketing says the grain rally on Wednesday was impressive but ran out of steam.
The company will end operations at its Joslin, Ill., beef facility and its Eagle Mountain, Utah, case-ready facility plus it is pursuing the sale of its Pasco, Wash., beef facility.
Kyle Bumsted of Allendale says corn was taking a breather after 20 cent report gains on Wednesday. Cattle and hogs were down hard.
Dave Chatterton of Strategic Farm Marketing says USDA provided some positive data for the corn market in the WASDE and could be headed for $5.
USDA’s August report cut corn yields by 2.3 bushels per acre while strong export demand tightened ending stocks, avoiding the bearish surprise traders feared from last year.
From JBS Souderton’s $30 million value-added pivot to Tyson’s Nebraska shutdown, the processing sector is restructuring around high-efficiency plants, heavier carcasses and automated lines.
Rich Nelson with Allendale says grains saw selling pressure as there are plenty of questions regarding USDA’s numbers especially after last August’s yield and acreage shock.
Mike Minor with Professional Ag Marketing says grains were under pressure early Tuesday positioning ahead of the August report and with news of Russia and Ukraine meeting to discuss safe passage of vessels in the Black Sea.
The WASDE report coming Wednesday is highly anticipated after last year’s corn yield shock of 188.8 bpa.