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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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.
DuWayne Bosse, Bolt Marketing, says grains saw profit taking after running up into some chart resistance.
Scott Varilek, Kooima Kooima Varilek, says cattle futures are well supported on higher cash. Grains seeing pressure as funds may be out of ammunition.
Ted Seifried, Zaner Ag Hedge, says funds have covered most of their record short position in grains and they are not likely to go long.
Tomm Pfitzenmaier with Summit Commodity Brokerage, says historically, when corn and soybeans have a fall rally in August and September the markets top out in the October.
Randy Martinson, Martinson Ag, says funds continue to cover shorts in the grain markets but there are some fundamentals also helping to support the rally.
Kent Beadle, Paradigm Futures says corn continues to move higher on fund buying and tighter corn stocks from USDA’s Quarterly Stocks Report. He thinks corn could eventually take out resistance on the charts and move higher.
Chip Nellinger, Blue Reef Agri-Marketing, says most of the strength in corn and wheat was due to end of quarter fund short covering.