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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More from Michelle Rook
Grains continue lower with profit taking and hedge selling with better rain chances. Cattle recovering with lower corn but positioning ahead of the Cattle on Feed Report. Kevin Duling of KD Investors has more.
Corn and beans saw profit taking on extended rain forecasts, while wheat ended mixed. Cattle bounced with the lower corn and on the long side of spreads with hogs. Ted Seifried, Zaner Ag Hedge.
The biomass-based diesel mandates in the final RFS rule were very disappointing for the industry, below actual production levels. For corn ethanol production, EPA flatlined levels for the next three years.
Farmers in Iowa are trying to stay optimistic but say the next two weeks are critical for getting some rain or they’ll be seeing significant yield loss.
Tomm Pfitzenmaier, Summit Commodity Brokerage, says grains rallied on weather and the drop in crop ratings and subsoil moisture. The markets pushed through chart resistance and could see continued buying.
Illinois crop ratings have dropped like a rock with only 33% of soybeans and 36% of corn rated good to excellent in this week’s USDA crop progress report.
Grains rally on weather, drop in ratings, subsoil moisture, fund buying. How much upside is left? Cattle consolidate w/ corn up. Profit taking in hogs w/higher meal. Tomm Pfitzenmaier, Summit Commodity Brokerage.
Grains put in weather premium, with the drop in crop ratings and fund buying. Cattle continue to consolidate with higher corn, lower cash. Hogs see profit taking. Vince Boddicker, Farmers Trading.
Grains gap higher on drop in crop ratings, fund buying, only BO is lower on the EPA RFS proposal. Cattle consolidate with higher corn, lower cash, cutouts. Hogs see profit taking. Kent Beadle, Paradigm Futures.
AgDay TV Markets Now: DuWayne Bosse of Bolt Marketing says corn and soybeans ended slightly higher but off highs with profit taking and hedge selling. But will retest those areas with lower crop ratings.