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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Jamie Gieseke with Paradigm Futures says the soybean market was removing weather premium.
Mike Minor of Professional Ag Marketing says the rains will have a bigger impact on soybeans, which are leading the losses.
John Heinberg with Total Farm Marketing says corn also got a boost from the 4% drop in crop ratings down to 63% good to excellent, the largest drop for the week in 20 years.
DuWayne Bosse with Bolt Marketing says the historic drop in crop ratings was supportive of corn and soybeans early. While cattle were trying to recover after the massive melt down on Monday but will it hold?
Brady Huck with Empower Ag Trading says the grain complex removed war and weather premium, while cattle ended sharply lower in reaction to the resumption of partial cattle trade with Mexico.
The reopening of the U.S.-Mexico border on Aug. 24 is expected to have a short-term impact on cattle markets, but analysts say the return of Mexican feeder cattle will not fundamentally change long-term supply.
Joe Kooima of Kooima Kooima Varilek says the gap lower opening in cattle futures Monday in response to the border reopening to Mexican imports was volatile. They anticipate more to come to price in the news, even after a $25 to $30 break in the futures recently.
Brian Grete with Commstock Investments says, “We’ve seen China come in and be a fairly active buyer over the past several weeks here of new crop U.S. soybeans. There was more talk of that on Friday. And so that gave us some price support.”
USDA’s latest cattle inventory and cattle on feed reports confirm the cyclical low is likely behind the industry, but structural headwinds and sky‑high calf prices are keeping expansion cautious and gradual.
Scott Varilek with Kooima Kooima Varilek says the live cattle futures made new lows for the move Thursday before finding support and putting in key reversals.