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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Mark Knight with Farmer’s Keeper Financial says corn opened lower but was trying to recover early on short covering, but also following the strength in the wheat market. Soybeans fell further on tariff concerns.
Chuck Shelby with Risk Management Commodities says corn finally saw a light short covering bounce after making new contract lows again early Wednesday in both old and new crop contacts.
Darin Newsom, Senior Market Analyst with Barchart, Inc. says grains continue to see non-commercial selling as the markets are becoming more comfortable about ample supplies. However, one factor not being talked about is demand is starting to fall.
On Monday, 14 countries received letters indicating tariff increases of 25% to 40%, including Japan and South Korea. Meanwhile, President Trump extended the implementation date for those tariffs to Aug. 1
Brian Grete, editor of Pro Farmer, says grains saw another ugly day with funds selling across the complex.
The losses to the agricultural community won’t be known for a few weeks but are devastating and come just over a year after Texas was hit by the biggest wildfires in U.S. history.
Frayne Olson, NDSU Extension Crops Economist, says weather and improved crop ratings and benign weather are weighing on the corn and soybean markets. However, tariff uncertainty is also negative for prices.
Arlan Suderman, Chief Commodities Economist with StoneX, says funds sold aggressively and erased almost all of last weeks gains, as they came back from the holiday and saw no threat in the weather forecast.
Brad Kooima, Kooima Kooima Varilek, says cattle futuresare showing resilience early Monday due to better than expected cash trade. However, grains are seeing heavy selling pressure.
Jerry Gulke, president of the Gulke Group, says the grain markets turned this week, not on trade news, but rather on less talked about factors.