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, Martinson Ag, says market reaction has been muted to possible 25% tariffs on Mexico and Canada and 10% on China on the first day of the Trump administration.
Kent Beadle with Paradigm Futures says soybeans built on Friday’s bullish reversal with talk China is looking for more U.S. soybeans. Cattle had a volatile session with a bearish Cattle on Feed Report and sorting through import restrictions on Mexican cattle due to New World Screwworm.
Brad Kooima, Kooima Kooima Varilek, says cattle futures shook off the bearish Cattle on Feed Report numbers with an announcement of New World Screwworm detected in Mexico. Soybeans built on the key reversal Friday on talk of China buying U.S. soybeans.
Tomm Pfitzenmaier with Summit Commodity Brokerage says farmers need to use the strong basis levels, especially on corn, to make some cash sales. However, there are options they can use to take advantage of a rally later on.
Don Roose U.S. Commodities says grains were under pressure on technical selling, a lack of bullish news and the higher dollar. March soybeans made new contract lows with the lower soybean oil, favorable weather in Brazil and tariff fears.
Scott Varilek of Kooima Kooima Varilek says cattle futures are being led by the feeders and the cash market which is on fire out in the country. Grains are sliding early despite solid export business.
DuWayne Bosse of Bolt Marketing says corn and wheat held risk premium tied to the escalating conflict in the Black Sea and despite a higher dollar.
Tomm Pfitzenmaier with Summit Commodity Brokerage says grains are facing the headwind of returning strength in the U.S. dollar index and the lack of weather threats. Soybean oil losses are additionally pulling down soybeans.
Farm CPA Paul Neiffer says the Senate Farm Bill text includes some big differences compared to the House bill especially when it comes to ARC and PLC programs and modernizing reference prices.
Matt Bennett, AgMarket.Net, says wheat was up for a third day continuing to see short covering by managed money traders and adding war premium. However, corn could not follow with soybeans as an anchor.