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.
Watch The Latest Episode on Farm Journal TV.
More from Michelle Rook
Rich Nelson of Allendale says corn and soybeans showed resilience rallying into the close on strong demand. However, he thinks it may be exporters front loading their purchases. Cattle reverse in reaction to the McDonald’s E.coli story.
Alan Brugler, A and N Economics, LLC says grains are caught in a tug of war between farmer selling and strong cash basis levels due to strong demand.
Craig Turner with StoneX says grains saw technical buying off support areas but demand is also strong.
Allison Thompson with The Money Farm says corn and soybeans bounced off chart support and are seeing fund short covering but also strong end user buyer with another 14.2 million bushels of corn sold to Mexico.
Dave Chatterton, Strategic Farm Marketing, says row crops are in a tug of war that could keep the markets sideways for a while.
Brad Kooima of Kooima Kooima Varilek says cattle were due for a slight correction and could ease their overbought status just by moving sideways. Grains are rebounding in part due to fresh flash export sales on corn and soybeans.
“The bottom line is the function of the market — when you have too much, you become the cheapest seller, not necessarily the cheapest producer,” says Jerry Gulke.
Tommy Grisafi, Advance Trading, says grains faded bullish export news and closed lower Friday and for the week.
Craig Turner of StoneX says end users have seen current grain prices as a value which has supported the markets and if you add in inflation grains could be carving out new trading ranges.
Grains reverse to close higher Thursday as Darin Newsom with Barchart says end user or commercial buying stepped in. He says there is strong demand for corn in soybeans at current price levels which is a bullish sign.