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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Dave Chatterton, Strategic Farm Marketing, says soybeans saw profit taking with better than expected ratings, reigniting fears of higher yields in the September WASDE. Corn saw spillover from lower soybeans and crude oil.
Shawn Hackett, Hackett Financial Advisors, thinks the biggest yield numbers have already been traded in the corn and soybean markets and represent the contract lows in August.
Arlan Suderman, Chief Commodities Economist with StoneX, says record yields may already be priced into the market but USDA will need to verify that or corn and soybeans may retest the lows.
Arlan Suderman with StoneX talks about what he’s watching for in the WASDE and harvest results to determine if harvest lows have been forged in corn and soybeans.
Brad Kooima, Kooima Kooima Varilek, expects cash cattle and futures to recover this week if the stock market can stablilize. Soybeans rebound on China business and South American weather, but corn fails.
Garrett Toay, AgTraderTalk says grain markets scored reversals Friday on profit taking by fund traders after hitting key chart resistance. However, it was triggered by the bearish outside markets and caution ahead of the September WASDE Report.
Jerry Gulke, president of the Gulke Group, says new crop corn and soybean charts are signaling the September WASDE might be bearish and confirm the large crop size.
Garrett Toay, AgTraderTalk, says bearish outside markets spilled over to cause risk off selling in grain and livestock futures Friday, but grain markets says some profit taking and positioning ahead of the WASDE.
Darin Newsom with Barchart says grains have had a good run on fund short covering and will need some new bullish news to keep going and get above chart resistance.
Mike Zuzulo, Global Commodity Analytics, says corn and wheat saw some profit taking after a nice rally, while soybeans powered back on export business and South American weather.