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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Sam Hudson with Corn Belt Marketing says the grain markets all hit technical resistance on the charts and may have seen profit taking.
Brad Kooima with Kooima Kooima Varilek says he was concerned the trade might view a slightly bearish Cattle on Feed report placement number as a reason to sell but the market was more focused on the higher cash trade Friday.
Many will attribute last week’s corn market rally to the cold weather and slowing grain movement from truck to barge. However, Jerry Gulke says the corn market has technically looked good for a while.
Grain markets closed strong on Friday and posted higher weekly closes across the complex. What drove the rally? Jim McCormick of AgMarket.Net points to a few notable factors.
Live and feeder cattle futures were weaker to start Friday as the market was seeing some profit taking and caution ahead of the USDA Cattle on Feed Report according to Scott Varilek with Kooima Kooima Varilek.
Geoff Cooper with the Renewable Fuels Association says it appears Congress is going to kick the can again on getting the E15 legislation done.
Randy Martinson with Martinson Ag says wheat saw support on a combination of technical buying or short covering and the market was adding some weather premium.
Soybeans continued to rally on Thursday. Lane Akre, economist with Pro Farmer, says this isn’t just short covering.
Greg McBride with Allendale, Inc. says hot, dry weather is expected in much of Argentina and Southern Brazil in the next 10 days and it is hitting at the critical pod filling stage for some of the soybean crop.
Soybean futures are higher early Wednesday with the easing of risk-off selling pressure.