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 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.
Scott Varilek with Kooima Kooima Varilek says Thursday saw the volume of live sale prices at $220, up $10 from last week but even some $222 developed in Iowa.
Tommy Grisafi with Nesvick Trading says bull markets need to be fed daily and so corn and soybeans would need a combination of factors to converge to retest the November highs.
Vince Boddicker with Farmers Trading Company says grains took the path of least resistance on Wednesday trading lower with a lack of fresh bullish news.
Corn and wheat futures were lower early Wednesday seeing some profit taking after a higher close Tuesday says Darin Newsom, senior market analyst with Barchart.
Darren Frye with Water Street Solutions says the market was adding some geopolitical risk premium with tensions rising in the Black Sea region.