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 with Hackett Financial Advisors says the market fears that China will use the ruling as leverage to get out of its trade framework struck with the U.S. on Oct. 30 and that could include its soybean purchase commitments.
Scott Varilek with Kooima Kooima Varilek says the cattle market is also awaiting cash direction.
Sam Hudson with Corn Belt Marketing says the wheat and soybean market continue to see fund buying, but corn can’t follow. Corn is repeating the same trend it exhibited last year at this time.
EPA’s unwinding of the Obama-era endangerment finding could amount to the largest deregulation in history. One positive outcome for farmers is the change it could mean for the use of Diesel Exhaust Fluid.
Brad Kooima of Kooima Kooima Varilek says cattle futures are getting overbought and ran into another layer of chart resistance Wednesday but higher cash could push the market to new highs.
Confidence in USDA reports is wavering after recent acreage misses, leaving many producers and retailers skeptical. While experts call it the “best data available,” transparency is needed to restore industry trust.
Darin Newsom, Senior market analyst with Barchart, Inc. says the algorithm traders have been chasing the headlines of the China story and increased biofuels blending levels.
Mike Zuzolo with Global Commodity Analytics says soybeans saw continued resilience due to strong demand including expectations of renewable biofuel increases.
Soybeans started off slightly lower on corrective selling but quickly found buying interest says Randy Martinson of Martinson Ag.
Jerry Gulke, president of the Gulke Group, says many are skeptical, based on past experience, that China will honor the deal to buy the additional soybeans for this marketing year.