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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At the Reints farm in northeast Iowa, corn yields have been running higher than last year, but a lot of yield potential was left in the field due to disease, specifically a rare strain of southern rust.
Dan Basse, Ag Resource Company, says corn stocks were 207 million bu. above USDA’s projected ending stocks which was bearish for the market. Soybeans also made new lows for the move despite a slightly friendly report.
Mike Minor with Professional Ag Marketing says soybeans saw hedge pressure with a dry open weekend for harvest across the Midwest but corn also hit chart resistance.
Brad Kooima of Kooima Kooima Varilek says live and feeder cattle futures are higher early Monday. The cash feeder market has continued to move higher, so will it be able to lead the cattle futures back to new highs?
Matt Bennett with AgMarket.Net says he was surprised soybeans held the $10 level with all of the bearish demand news the market had to digest including China buying Argentina soybeans.
John Heinberg with Total Farm Marketing says grain markets rallied on Thursday as Argentina’s government announced it would be renewing its export tax.
The House and Senate Ag Committees are planning to work on language yet this fall on a Farm bill 2.0., but at least one Washington ag lobbyist says he expects it will be difficult to get passed.
Sam Hudson with Corn Belt Marketing says grains saw an early bounce on Thursday with news overnight that Argentina had reinstates it’s export tax on grains, which is at 26% for soybeans.
Mark Schultz, Northstar Commodity, says soybeans ended lower in tandem with lower soybean meal as China reportedly bought another 10 plus cargoes of lower priced Argentine soybeans after they dropped their export tax.
Kent Beadle with Paradigm Futures says the soybean market saw a bit of recovery on Tuesday and was trying to hold Wednesday morning with news that China has purchased more Argentina soybeans.