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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Corn and soybeans rally Thursday putting in some weather premium but may have reached a value level which is uncovering strong end user demand.
Jeff Hoogendoorn, Professional Ag Marketing, says corn and soybean may have dialed in the biggest yield and with hot dry weather trimming yield and demand picking up the markets could see more buying.
Cattle set back on lower early cash and cutouts, while hogs turn mixed after early gains tied to strong weekly exports.
Tommy Grisafi, Advance Trading, says rain in the Corn Belt stopped a three day rally in soybeans, while corn failed even after a key reversal on Tuesday.
Tommy Grisafi, Advance Trading, says soybeans and corn fade flash export sales, also see First Notice Day liquidation. While wheat may be bottoming as quality issues develop in Hard Red Spring wheat.
Wheat sees short covering Wednesday and tries to rally with corn after key reversals Tuesday in both markets. Soybeans take a break on Midwest rains. However, Craig Turner with StoneX thinks long term lows are close.
Corn and wheat score key reversals after making new contract lows, while soybeans continued higher for a third day.
Soybeans close higher for a third session still putting in weather premium. Cattle and hogs also saw strength with end of month and quarter positioning.
Corn sees short covering as well with lower crop ratings by 2% and Mexico buying around 5 million bushels of new crop U.S. corn.
Soybeans and products were all higher on Monday, while corn continued to see technical selling and long liquidation ahead of first notice day on Friday.