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.
Watch The Latest Episode on Farm Journal TV.
More from Michelle Rook
Oliver Sloup of Blue Line Futures says corn has consolidated the last two sessions after hitting chart resistance at $4.17 and may wait for combine results before taking out that level.
Randy Martinson with Martinson Ag says corn is drifting Tuesday with some consolidation after hitting chart resistance on Monday and with liquidation ahead of first notice day on Friday and the end of the month.
Vince Boddicker with Farmers Trading Company says soybeans sank on profit taking and could see further liquidation going into first notice day and end of the month.
The agency is acting on a backlog of more than 175-petitions from 38-small refineries dating all the way back to 2016.
Brad Kooima of Kooima Kooima Varilek says live and feeder cattle futures gapped lower on the opening after a human case of New World screwworm (NWS) was announced over the weekend.
Pro Farmer economist Lane Akre says corn and soybeans posted higher weekly closes and should be able to build on that next week with the push from the lower yield and production estimates from the Pro Farmer Crop Tour.
Scott Varilek, Kooima Kooima Varilek, says cattle fundamentals look supportive through fourth quarter, while corn and soybeans are running into chart resistance.
Jerry Gulke, president of the Gulke Group, says he was as surprised with USDA’s 188.8 bushel per corn acre yield as anyone, but their demand projections were even more surprising.
Mark Schultz, Northstar Commodity, says corn December corn closed above the $4 level on Friday and was nearly steady for the week.
Scott Varilek with Kooima Kooima Varilek says the big losses in the cattle market on Thursday were tied to concerns ahead of USDA’s New World screwworm (NWS) announcement. Grains are bouncing on value and technical buying.