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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Matt Bennett, AgMarket.Net, says traders evened positions Tuesday going into the USDA reports. However, he’s expecting very few revisions on a U.S. basis so he’s looking at global numbers.
Grains see a corrective day and WASDE report positioning with wheat sharply higher, row crops lower. Matt Bennett, AgMarket.Net, says cattle also saw profit taking ahead of the Fed announcement.
Randy Martinson, Martinson Ag, says he was impressed with how corn and soybeans managed to end higher on Monday, despite the collapse in wheat.
Randy Martinson, Martinson Ag, says corn and beans end higher, which was impressive considering the collapse of the wheat market which has been down nine days. Cattle rally, while hogs fail.
Cattle futures rally as Brad Kooima, Kooima Kooima Varilek, says Northern cash trade topped at $193 live late Friday. Hogs consolidate. Row crops bounce, despite the lower wheat market.
More fund selling Friday in the grains shows the funds are back selling on any rally and reestablishing their short position says Darren Frye, Water Street Solutions.
Darren Frye, Water Street Solutions, says speculators look like they are re-establishing their short positions at least in the corn and soybean markets. “They are selling on any rally,” he says.
“It’s like farmers threw in the towel after getting sick of waiting for better prices or realized they’re going to need bin space,” says Jerry Gulke. He shares four points that might mean lower prices aren’t over yet.
Grains back lower as wheat drags down corn and soybeans and Randy Martinson, Martinson Ag, says funds are back in sell mode. Cattle are trying to bounce awaiting cash news while hogs are mostly lower again.
Corn and soybeans see double digit gains on short covering and talk of China biz says John Payne, Advance Trading, while wheat struggled. Cattle were hit by more bird flu news, hogs reversed off new lows.