Rough Rice Commodity Markets, Prices & Futures
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Latest News From Rough Rice
Jim McCormick, AgMarket.Net, says corn and soybeans ended lower on Friday on farmer selling of both old and new crop inventory. However, both corn and wheat had lower weekly closes which could indicate a trend change.
We recap this week’s price action and provide outlook for the next 5, 30 and 90 day segments.
While bulk grain exports would be largely unaffected, the strike would impact containerized agricultural exports: Soybeans, soybean meal, and other agricultural products exported via containers would be affected.
Scott Varilek, Kooima Kooima Varilek, says cattle are seeing a correction heading into the Cattle on Feed Report. Corn and soybeans are seeing hedge pressure and selling tied to extended forecasts showing rain in Brazil.
The International Grains Council (IGC) trimmed its forecast for 2024-25 global wheat and corn production.
Mike Minor, Professional Ag Marketing, says corn and soybeans saw pressure from harvest and better South American weather prospects. Cattle and hogs soared on the heels of the higher stock market.
DuWayne Bosse, Bolt Marketing, says wheat is pulling down corn with a higher dollar and rains in the SW Plains, while soybeans hold gains on strong export demand. Cattle are rallying in sympathy with the stock market.
Darren Frye, Water Street Advisory, says the Fed cutting interest rates by 50 basis points could be huge for agricultural markets.
The tariff rate on U.S. soybeans is as high as 56.5%, including goods and services tax (GST) and value added tax (VAT). This high tariff structure acts as a significant trade barrier for U.S. soybean exports to India.
Darren Frye, Water Street Advisory, says the 50 basis point interest rate cut by the Fed was anticipated but is friendly for the ag markets.