Rough Rice Commodity Markets, Prices & Futures
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Latest News From Rough Rice
Members of the National Oilseed Processors Association (NOPA) crushed 183.6 million bu. of soybeans during May, 5.2 million bu. more than the average pre-report estimate and a record for the month.
Chuck Shelby, Risk Management Commodities, says grains will be watching weather and gearing up for the USDA Acreage and Quarterly Stocks Reports in the week ahead.
A lackluster WASDE report had the same effect on the markets this week. Jerry Gulke, president of the Gulke Group, doesn’t think there’s going to be a whole lot of change in acreage in USDA’s report at the end of June.
This past week, USDA reported a soybean sale of 3.89 million bushels to China and another 4.4 million bushels to unknown destinations during the 2023/2024 marketing year.
Chuck Shelby, Risk Management Commodities, says grains end lower. Row crops see profit taking, with harvest pressure in wheat. Cattle made new near-term highs pushed by record cash, hogs bounce.
The U.S. is worried the port’s ability to handle megaships directly between Peru and China could shift trade dynamics, making it easier for China to extract and control South American resources.
Darin Newsom, Senior Market Analyst at Barchart, says grains down early on profit taking and hedge pressure in wheat, but watching weather and demand. Cattle continue higher following cash.
The landscape for U.S. renewable diesel production has changed dramatically, similar to the growth of ethanol and biodiesel in the past two decades, according to a report from USDA’s Foreign Agricultural Service.
La Niña patterns tend to produce hotter conditions across the central and eastern United States.
Scott Varilek, Kooima Kooima Varilek, is still optimistic the cattle market will be able to achieve all-time highs again in both cash and futures in the next few months.