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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Dave Chatterton with Strategic Farm Marketing says corn and soybeans saw a technical bounce and buying after holding chart support.
Brad Kooima, Kooima Kooima Varilek, says the uptrend line on the cattle charts is also starting to be violated but that isn’t the only thing he’s watching for a signal of a bigger correction.
Jerry Gulke, president of the Gulke Group, says corn was slightly lower for the week but held support. The performance was a victory, considering the large infusion of bearish news the corn market had to absorb.
Kent Beadle with Paradigm Futures says corn futures ended lower on Friday on profit taking and were down nearly 2-cents for the week. However, December still held the 50-day moving average.
Steve Censky, CEO of the American Soybean Association says, “China imports more soybeans than the rest of the world combined and so you can’t make up the loss of the China market by gaining a little bit here or there.”
Randy Martinson, Martinson Ag, says corn is working on its third higher weekly close, which continues to help confirm the fall low set on August 12. Soybeans are still looking for China export business but could they be buying under unknown destinations?
Kevin Duling with KD Investors says corn shook off early losses after bouncing off support on the charts.
Brady Huck with Advance Trading says corn and soybeans continue to see profit taking and consolidation after the recent run off the August lows. Currently both markets are testing key support that needs to hold.
Jim McCormick with AgMarket.Net says corn saw some profit taking after hitting chart resistance as the December contract neared $4.25, which coincided with the 38% retracement level.
Rich Nelson, Chief Strategist with Allendale, Inc. says corn was lower Wednesday, seeing some profit taking after getting overbought but the rest of the grain and livestock complex were also lower.