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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Jerry Gulke, president of the Gulke Group, says the news EPA is raising blending mandates for biomass-based diesel above expectations came as a surprise but was positive for farmers and the biofuels industry.
Soybeans were up sharply on Friday with soybean oil locked limit up on all of the contracts. Alan Brugler, A&N Economics, says it was in reaction to the EPA’s proposed Renewable Volume Obligations, which were especially bullish for biomass based diesel.
Scott Varilek, Kooima Kooima Varilek, says cattle are seeing risk off selling tied to the news overnight of escalating war between Iran and Israel which has the financial markets sharply lower. Bean oil is limit up on news of higher blending levels for biomass based diesel.
USDA lowered old crop corn ending stocks 50 million bushels, but Brian Splitt, AgMarket.Net, says the market doesn’t feel like it’s trading a 1.365 billion bushel carryout nor do the July/December spreads.
Dave Chatterton of Strategic Farm Marketing says corn was slightly higher with tighter ending stocks, while soybeans fell on the rumor of lower RVO levels.
USDA Secretary Brooke Rollins was questioned by several House Ag Committee members about USDA’s cuts, including the impact of the 6,000 DOGE firings at the agency, that were later reinstated by the court.
The Office of Management and Budget is currently holding stakeholder meetings on the mandated biofuels blending levels. However, EPA is also considering the backlog of Small Refinery Exemptions.
Craig Turner with StoneX says the markets were initially charged by news the U.S. and China had reached a trade framework. However, the deal was lacking in detail just like so many of the trade deals touted by the administration.
Kent Beadle with Paradigm Futures says the grain market is getting some support from news a framework has been worked out between the U.S. and China to at least call a truce on tariffs and remove restrictions on rare earth mineral imports.
Chip Nellinger, Blue Reef Agri-Marketing says the corn market saw a technical bounce and even some bull spreading on Tuesday, but most of it was tied to short covering. While cattle reacted to ICE raids at Omaha, NE meat plants.