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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DuWayne Bosse, Bolt Marketing, says wheat is pulling down corn with a higher dollar and rains in the SW Plains, while soybeans hold gains on strong export demand. Cattle are rallying in sympathy with the stock market.
Darren Frye, Water Street Advisory, says the Fed cutting interest rates by 50 basis points could be huge for agricultural markets.
Darren Frye, Water Street Advisory, says the 50 basis point interest rate cut by the Fed was anticipated but is friendly for the ag markets.
Kent Beadle, Paradigm Futures, says November soybeans are finally above the 50 day moving average for a number of reasons, including more talk of China business.
Brad Kooima, Kooima Kooima Varilek, says the cattle market has just felt better the last week with cash finally bottoming and futures posting a higher weekly close.
Mark Schultz, Northstar Commodity, says wheat led the grain complex lower after better rain forecasts for U.S. and Black Sea production areas, but all the grain markets ran into chart resistance.
Brad Kooima of Kooima Kooima Varilek says the cash cattle market put in a low last week and futures were sharply higher so the market just feels better. Soybeans and corn may have put in seasonal lows but he cautions further upside may be capped by harvest pressure.
Corn and wheat ended higher for a third week, while soybeans have put in four weeks of higher closes. Alan Brugler thinks wheat might be trying to forge a low, but it might be too early to make that call on corn and soybeans.
Scott Varilek with Kooima Kooima Varilek says early cash has been steady at $181 in the South helping to push cattle futures. Row crops are extending gains post WASDE, while wheat adds weather premium.
Dave Chatterton, Strategic Farm Marketing, says soybeans fell on a combination of factors including higher yield ideas in the USDA Report.