Rough Rice Commodity Markets, Prices & Futures
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Latest News From Rough Rice
For Jerry Gulke, president of the Gulke Group, the action further confirmed the grain futures forged significant lows on June 30.
Corn futures ended 8 to 9 cents higher on Friday on the heels of the sharply higher wheat market and friendly numbers in the July WASDE.
Early Friday cattle utures tried to stage an early recovery but it was short lived as funds have been selling every rally. Scott Varilek with Kooima Kooima Varilek says his fear is the high is in the cattle market.
Corn and soybeans were lower on Thursday seeing further consolidation after hitting chart resistance and with the WASDE on Friday.
Grain markets were lower on Wednesday and to start Thursday, seeing profit taking after hitting key chart resistance and with cooler, wetter extended weather forecast for the Midwest. That’s according to Randy Martinson with Martinson Ag.
Live cattle futures were lower again on Wednesday and have spent several consecutive days under the 100-day moving average. Brad Kooima with Kooima Kooima Varilek says it is looking like more than a healthy correction.
Mark Knight of Farmers Keeper Financial says the market was looking for confirmation of China soybean purchases and now will need to see more sales to continue the rally.
November soybeans failed to close above the key $12 level and Naomi Blohm of Total Farm Marketing thinks the market may be running out of runway as Monday was mostly technical buying.
Darin Newsom, senior market analyst with Barchart says Turnaround Tuesday action is not unexpected after a big rally but grains continue to be sensitive to weather and China news.
Chuck Shelby with Zaner Ag Hedge says grains reacted to China’s Commerce Ministry confirming it plans to lower tariffs on U.S. soybeans and other grains.