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
The biggest surprise came from the agency cutting corn yield less than a bushel and loweing soybean exports by 50 million bushels.
Cattle market fundamentals remain unchanged while psychology shifts the market due to the President’s comments and industry interference.
Scott Varilek with Kooima Kooima Varilek says the funds continue to liquidate their long positions on the fear of the Mexican border reopening but lower fed cash is also a negative.
Don Roose with U.S. Commodities says corn and soybeans saw chart breakout with fund buying heading into the USDA report on expectations of lower yield but also watching for China buys in the daily export sales.
The grain markets fought off early weakness on Wednesday to close near the highs of the day and stage a strong technical close according to Bryan Doherty, Total Farm Marketing.
DuWayne Bosse with Bolt Marketing says grains are fading the reopening of the government on positioning ahead of USDA’s reports on Friday and the lack of China soybean purchases.
Chuck Shelby with Risk Management Commodities, says grains were mixed positioning ahead of the USDA reports with corn getting some support from lower yields in the average trade estimates.
Vince Boddicker with Farmers Trading Company says soybeans are mostly lower seeing some Turnaround Tuesday profit taking but the grains are also hearing up for the USDA reports Friday.
Sam Hudson with Corn Belt Marketing says part of the rally in the grains was tied to talk of the government possibly reopening this week. That provided a risk on environment for the bulls who have been flying blind with the lack of market data from USDA.
Live and feeder cattle futures are extending gains after a higher close on Friday. Brad Kooima, Kooima Kooima Varilek, says he is encouraged a low may be forming in both markets.