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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Oliver Sloup, Blue Line Futures says after a non eventful WASDE, grains saw some profit taking heading into the weekend with row crops seeing harvest pressure.
Scott Varilek, Kooima Kooima Varilek, says cattle futures need to take out the next layer of chart resistance to move higher. Grains continue to add war and weather premium and that shouldn’t change unless the WASDE is extremely bearish.
John Heinberg with Total Farm Marketing says the row crop markets are seeing continued pressure from three main fundamentals.
Darin Newsom with Barchart says wheat is higher adding war premium but soybeans and corn are seeing harvest pressure and trading South American weather.
Cleanup is underway, but it could take years to put the pieces back together. Farmers say with lower commodity prices, many were already on the financial brink before the storm.
Brian Grete, Pro Farmer, says wheat was supported by light fund short covering as traders were adding in some geopolitical risk premium.
Brad Kooima, Kooima Kooima Varilek, says the cash cattle trade will likely be steady this week which may mean the futures could stall out. He thinks the party could be over in row crops.
Jerry Gulke, president of The Gulke Group, thinks the party is over in the grains, at least for now, due to several key factors.
Don Roose, U.S. Commodities, says several factors combined to pressure the grain markets Friday. Whether or not the rally is over depends on global weather and the October WASDE.
Shawn Hackett, Hackett Financial Advisors, says grains are in transition right now as the funds have likely covered most of their short positions and are looking for signals for their next move.