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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Brian Grete with Commstock Investments says the corn market is still trying to digest the shock of USDA’s January reports. March corn futures came within striking distance of the Aug. 12 low at $4.10.
Brad Kooima with Kooima Kooima Varilek says strong cash has been supportive of the cattle futures and he expects a higher week in the fed market again this week. Grains are still digesting USDA’s bearish reports.
Arlan Suderman, chief commodities economist with StoneX says the move surprised him even though their customer survey’s during the season had yield at 186 bu.
UNL predicts closure will result in $3.28 billion in annual statewide economic losses. The analysis projects more than 7,000 jobs lost statewide, including 3,212 plant positions, along with significant reductions in labor income and state and local tax revenues.
Jerry Gulke, president of the Gulke Group, says many farmers believe that corn and soybean yields need to be cut but he will be watching the ending stocks for direction.
Darren Frye with Water Street Solutions says the trade guesses are fairly conservative with not many changes expected. However, that is not the history of the January reports. So could there be a surprise?
The January USDA reports have been historically a huge market mover and a great deal of the focus will be on final yields and production.
Live and feeder cattle futures were lower early Friday but Scott Varilek of Kooima Kooima Varilek says it didn’t take long for the markets to firm up supported by the cash market.
Tommy Grisafi with Nesvick Trading says the soybean market faded after hitting chart resistance but also seemed disappointed with the lack of confirmed China export business. The grain complex also saw report positioning.
The grain markets were mixed early Thursday squaring ahead of the USDA reports. DuWayne Bosse with Bolt Marketing says that could keep the markets quiet the next few sessions.