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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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.
Soybeans were lower by 3 to 4 cents on Friday on profit taking heading into the holiday according to Darren Frye with Water Street Solutions but ended higher for the week.
An official with the Chinese embassy in the U.S. confirms President Trump and Chinese President Xi might be getting ready to sign a permanent trade deal when they meet in China in April.
Scott Varilek with Kooima Kooima Varilek says the cattle futures have been chopping back and forth this week and need to take out last week’s highs on the charts to break out and to new highs.
Mark Schultz with Northstar Commodity says news of a possible China trade truce extension fueled hopes for additional purchases of American agricultural products, including soybeans.