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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However, Bryan Doherty with Total Farm Marketing says the corn and soybean markets are at a crossroads in the new crop contracts and need a catalyst to get above resistance.
Soybeans and multi-year highs in the soybean oil market led the grain complex higher on Tuesday according to Mike Minor with Professional Ag Marketing.
Soybeans saw early gains Tuesday with help from a rally in both bean oil and soybean meal and that is supporting corn says Hillari Mason with Pro Farmer. However, several other factors were supporting early strength.
Alan Brugler with A&N Economics says corn got some support from higher crude oil and soft red winter wheat plus other demand fundamentals.
A Farmer’s Keeper survey of 4,000 farmers shows 20% are cutting corn acres as record fertilizer prices and supply gaps force last-minute shifts toward soybeans and other crops to protect profitability.
Reaching levels rarely seen since 2013, historic dryness grips the eastern Corn Belt, the Southeast and into the western Plains. With 68% of winter wheat in drought, producers face potential abandonment.
Joe Kooima, Kooima Kooima Varilek says live cattle futures held key support on Friday and are higher Monday but can the market retest the record highs?
Grains initially saw pressure in tandem with the plunge in the energy markets on Friday on optimism about the reopening of the Strait of Hormuz but ended well off session lows says Matt Bennett with AgMarket.Net.
Scott Varilek with Kooima Kooima Varilek says cattle plunged late week after contract highs due to fears of the border reopening to Mexican imports.
Wheat futures rallied on Thursday adding weather premium with expanding drought and a mostly dry forecast for the Western third of the Plains says Naomi Blohm of Total Farm Marketing.