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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Funds have liquidated their long position in corn and trimmed their long position in the soybean complex. So how much more downside risk does that leave on price?
Mark Schultz of Northstar Commodity says grain markets also saw some position squaring by traders heading into a three-day weekend as the markets are closed on Friday for Juneteenth.
Cattle futures were lower early Thursday seeing some profit taking after some technical chart breakouts this week, but also positioning ahead of the holiday.
Soybeans ended higher as rumored export business was confirmed by USDA with a flash sale of 13.7 million bu. to unknown destinations. However, China was also looking for corn and wheat.
Wednesday morning USDA reported a flash sale of 13.7 million bushels of soybeans to unknown destinations and Randy Martinson with Martinson Ag says the market is betting that its China.
Soybeans were sharply lower in the overnight trade and then saw a gap higher open during the day session on talk that China was in pricing U.S. soybeans says Brian Grete with Commstock Investments.
Vince Boddicker of Farmers Trading Company says while no sales have been confirmed, just the rumors of China in the U.S. market looking for bids brought buyers back into the market.
Grains saw nice reversals and closed higher on Monday, which was a victory considering the amount of bearish news the market had to absorb according to Kevin Duling with KD Investors.
Brad Kooima says cattle were catching some spillover selling from the news the Iran peace deal had been signed, the higher equity markets and lower crude oil futures.
Jerry Gulke, president of The Gulke Group, says the speed and magnitude of the correction in the grain markets from the May highs has surprised him.