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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Matt Bennett, AgMarket.Net, says the market has been resilient as the funds are exiting shorts and taking profits end of quarter.
Grains started out mostly lower Wednesday but Darin Newsom with Barchart says they continue to see buying on the dips as funds are covering shorts and taking profits.
Kevin Duling, KD Investors, says it wasn’t the best close for the grains as the markets ran up into some chart resistance and are starting to look a little tired.
Randy Martinson, Martinson Ag, says funds are covering shorts and there is new technical buying as well as the markets have cleared some key chart resistance.
Allison Thompson with The Money Farm says a combination of factors drove soybeans higher including South American weather and China economic news. Corn and wheat followed. Cattle futures also made new highs for the move pushed by cash.
Brad Kooima of Kooima Kooima Varilek says cattle are hitting new highs for the move after a chart breakout and pushed by stronger cash last week. Grains are all strong early with soybeans making near term highs on the convergence of several fundamentals.
Jim McCormick, AgMarket.Net, says corn and soybeans ended lower on Friday on farmer selling of both old and new crop inventory. However, both corn and wheat had lower weekly closes which could indicate a trend change.
Scott Varilek, Kooima Kooima Varilek, says cattle are seeing a correction heading into the Cattle on Feed Report. Corn and soybeans are seeing hedge pressure and selling tied to extended forecasts showing rain in Brazil.
Mike Minor, Professional Ag Marketing, says corn and soybeans saw pressure from harvest and better South American weather prospects. Cattle and hogs soared on the heels of the higher stock market.