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 at least initially it looks like the cattle futures had already anticipated the negative report data with the sell off late last week.
Farmers in Southern Minnesota like Chris Schnek finished planting in record time and as a result planted more corn this year.
Last week Jerry Gulke, president of The Gulke Group, predicted the highs had been made in the grain markets on May 13. After reading the White House fact sheet on the China trade framework, he says he hasn’t changed his mind.
Mike Castle of StoneX says corn and soybeans added some war premium on Friday but are trading under recent highs. What could trigger a rally to retest those prices?
Scott Varilek with Kooima Kooima Varilek says the pressure came from fund long liquidation and was continuing on Friday with significant chart damage done.
Grains markets were lower seeing speculative selling pressure on a lack of fresh bullish news and profit taking end of month according to Naomi Blohm with Total Farm Marketing.
Jon Scheve with Scheve Grain says the grain markets are looking for bullish news and without China purchases soon have the grain markets put highs in?
Mark Schultz with Northstar Commodity says the market was skeptical about the lack of specifics in the framework before China denied the purchase amounts.
Corn and soybeans face pressure from China trade doubts, fast planting and lower crude oil. Meanwhile, rising interest rates signal inflationary fears.
The grain market failed on profit taking as traders want to see more details on China purchases or flash sales says Brian Grete with CommStock Investments.