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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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.
Mike Minor with Professional Ag Marketing says he’s been impressed with how well the corn market has digested Tuesday’s bearish yield and production news.
The National Corn Growers Association has issued a call to action to Congress and the Trump administration to help find demand for the 16.7 billion bushel corn crop.
Darin Newsom, senior market analyst with Barchart, Inc. says fund or managed money traders have stepped back in as the market is coming back to the reality that the grain fundamentals are bearish.
Chuck Shelby, Risk Management Commodities, says soybeans were higher still digesting the positive news from the WASDE report and pulled corn higher. While he thinks this is bottoming action in the soybeans but what about corn?
Kent Beadle with Paradigm Futures says corn is following the soybean market early Wednesday after USDA shocked the market with a record 188.8 bu. yield and 2 million more harvested acres. So did the report bottom the markets?
If USDA predictions hold true, a massive U.S. corn crop is on the way.