Commodity Markets, Prices & Futures
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Latest News from Markets
Randy Martinson says confirmation of 29 million bushels of soybeans sold to China is already priced into the market after the big rally to 17-month highs in soybeans. So, the market is seeing a traditional “buy to rumor sell the fact” reaction.
Soybean futures closed nearly $.33 higher on the January contract. Craig Turner with StoneX said there was unconfirmed market talk of multiple cargoes of soybeans being sold to China through the Pacific Northwest.
Brad Kooima with Kooima Kooima Varilek says the fear of Brazilian beef tariffs being lowered was part of the selloff in the cattle futures last week. However, Brazil tariffs are still at 66.4% so he says it was already priced into the market.
Trump’s allegations are serious: price fixing, collusion and market manipulation by what he calls “foreign-owned meatpacking cartels.”
Jerry Gulke, president of the Gulke Group, says soybeans had rallied into the report as the market priced in additional China demand. So, he wasn’t surprised with the reaction,
Arlan Suderman, chief commodities economist with StoneX says USDA only lowered national corn yield .7 bushels per acre to 186 which was a disappointment for the bulls.
The biggest surprise came from the agency cutting corn yield less than a bushel and loweing soybean exports by 50 million bushels.
Price action summary and outlook for the next 5, 30 and 90 day segments.
Scott Varilek with Kooima Kooima Varilek says the funds continue to liquidate their long positions on the fear of the Mexican border reopening but lower fed cash is also a negative.
Don Roose with U.S. Commodities says corn and soybeans saw chart breakout with fund buying heading into the USDA report on expectations of lower yield but also watching for China buys in the daily export sales.