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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Shawn Hackett, Hackett Financial Advisors, says corn and beans took out the March lows and may have put in exhaustion lows. “It looks to me like the grain markets are washed out here,” he states.
Shawn Hackett, Hackett Financial Advisors, says soybeans rally with corrective buying following meal, but corn and wheat end mostly lower ahead of USDA Reports.
Ag markets are mostly lower Monday except cattle and nearby soybeans. The record cash cattle trade is trumping the bearish Cattle on Feed Report, says Scott Varilek, Kooima Kooima Varilek.
Chuck Shelby, Risk Management Commodities, says every year weather can make the markets volatile, making it difficult for farmers to price their grain or do risk management.
Milk prices had a nearly $5 rally from the April lows but have since pulled back. Bryan Doherty, Total Farm Marketing, says cheese prices will dictate where prices head next and so far consumer demand has stalled.
The Fed is expected to start lowering interest rates by the end of the year. Darin Newsom, Senior Market Analyst with Barchart, says this may keep fund money away from the grain markets.
Row crops recovered on Tuesday, while cattle posted another lower day. Brad Kooima, Kooima Varilek says all those markets saw corrective action.
Live cattle futures fall a second day in what Brad Kooima of Kooima Kooima Varilek calls routine profit taking. Row crops see a technical bounce with lower crop ratings.
Bryan Doherty, Total Farm Marketing, says corn and soybeans try to bounce as they are technically oversold and with a 2% drop in crop ratings, wheat tries to follow but fails.
Grain markets were sharply lower on Monday on fund selling and improved extended weather forecasts for the Eastern Corn Belt says Kent Beadle, Paradigm Futures