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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Randy Martinson with Martinson Ag says the wheat market is adding risk premium tied to weather and global production and geopolitical concerns and could continue to pull corn higher.
Lane Akre, economist with Pro Farmer, says says the wheat market could take out the March highs and help pull corn higher. He thinks markets are trading global production concerns.
The grain and livestock futures saw commodity wide fund buying with a risk on tone to the market according to DuWayne Bosse with Bolt Marketing.
Brad Kooima with Kooima Kooima Varilek says some of the recovery is technical in nature as the June live cattle bounce off of key support and the 38% retracement level around $243.00 last Thursday. However, there are also fundamental reasons for bounce.
Darren Frye with Water Street Solutions says corn and wheat are trading weather and have divorced from the war headlines.
This ranks as the fifth worst crop in history and it’s mainly tied to the fact 68% of the crop is in some level of drought. For Kansas, it could be as bad as 2023.
Scott Varilek with Kooima Kooima Varilek says $243 was the line in the sand for the June live cattle or funds would liquidate and it held after Brooke Rollins canceled her trip to Arizona which alleviated fears of a border reopening.
Garrett Toay with AgTraderTalk says the HRW wheat market was adding weather premium with forecasts continuing to look hot and dry for the Southern Plains.
Darin Newsom, senior market analyst with Barchart, says wheat is holding weather premium with the deteriorating crop conditions but longer term higher energy prices could spark some inflationary buying in grains.
The soybean market looked like it was ready to breakout but Sam Hudson with Cornbelt Marketing says they hit chart resistance and saw profit taking.