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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Mark Schultz with Northstar Commodity says the $10,80 level has been strong support in soybeans and held with the help of more daily export sales.
John Zanker with Farmers Keeper Financial says soybeans could not hold early gains despite more export business and may be eyeing the gap area from Oct. 24.
Randy Martinson with Martinson Ag says early pressure in soybeans came from follow through selling and more confusion on China’s purchase commitments. However, soybeans bounced off of strong technical support at the days lows.
Jon Scheve with Scheve Grain says the soybean market is reading the USTR comments as there is no real deal and actually has been trading that way for a while now.
Jim McCormick with AgMarket.Net says the 125 million bu. cut to U.S. corn ending stocks was bullish as well as global corn carryout.
Brian Grete with Commstock Investments says he was a bit surprised by how aggressive USDA was in raising corn exports to 3.2 billion bu. which is a record.
Alan Brugler with A&N Economics, Inc. says the soybean market continues to be plagued by uncertainty over China’s soybean purchase commitments and a close below $11 projects lower prices.
Brad Kooima says both live and feeder cattle futures markets struggled Monday as the huge recovery off the lows put contracts up into 50% retracement levels.
Jerry Gulke, president of the Gulke Group, says the close in soybeans was bearish as it confirmed a head and shoulders top by taking out the neckline at $11.13 and closing below that chart area
Soybean futures ended sharply lower on Friday, with the January contract down 33¢ for the week. Matt Bennett with AgMarket.Net says the poor close is tied to mixed messages about a signed soybean agreement with China and sales progress.