Market Analysis
AgDay TV Markets Now: Chuck Shelby, Risk Management Commodities, says corn and soybeans end lower on Friday as funds continue to sell with more favorable weather in South America and ahead of USDA’s Ag Outlook Forum.
Jerry Gulke, president of the Gulke Group, spoke to a full house at Top Producer Summit this past week. “Producers are finally interested in marketing now that prices have fallen further,” he says.
Soybeans down on Argentina wx, while corn follows wheat on a short covering rally. Cattle 2-sided waiting for cash, hogs finally bounce but is it sustainable? Mike Minor, Professional Ag Marketing, has more.
Grains mixed digesting Conab’s Brazil cuts and the February WASDE. New highs in cattle on fund buying, strong fundamentals. More profit taking in hogs on sliding cutouts. Don Roose, U.S. Commodities, has analysis.
Grains are mixed post WASDE which was bearish for soybeans, neutral for corn & wheat. However, Conab estimates on Brazil are trumping USDA’s. What does this mean for prices? Brian Splitt, AgMarket.Net, has analysis.
Cattle start strong on cash ideas, hogs continue to consolidate. Corn and soybeans see short covering pre-WASDE and with Conab’s lower corn and soybean estimates. Scott Varilek, Kooima Kooima Varilek has details.
AgDay TV Markets Now: Mark Schultz, Northstar Commodity, says China and South American news provide a catalyst for fund selling in corn and soybeans.
Funds push corn & soybeans to new lows on China cancellations, fast Brazil safrinha corn planting. Wheat sees short covering. Proft taking in cattle pre-cash, hogs mixed. Mark Schultz, Northstar Commodity, has more.
Massive fund selling pushes grains to new lows. So, what’s driving it? Live cattle take a breather waiting for cash with higher feeders. Hogs finally bounce. Randy Martinson, Martinson Ag, has details.
Soybeans & wheat up on short covering pre-WASDE, while corn fails to follow. Cotton rallies and cattle make new highs for the move. Hogs down a 5th day. Shawn Hackett, Hackett Financial Advisors, has more.
AgDay TV Markets Now: Shawn Hackett, Hackett Financial Services, grains square ahead of WASDE, while cattle make new highs.
Cattle futures recover after Monday’s chart damage, hogs consolidating for the 5th day. Soybeans build on Monday’s reversal, while corn is consolidating above support. Brad Kooima, Kooima Kooima Varilek, has more.
Brian Grete, editor of Pro Farmer says, “Soybeans saw mostly corrective buying as funds have built a short position and may be covering some of those contracts heading into the WASDE report on Thursday.”
Grains mixed as soybeans see corrective buying, wheat falls on dollar strength, corn caught in the middle. Funds take profits in cattle after hitting chart resistance, hogs consolidate. Brian Grete, ProFarmer, has more.
Grains Start Lower as Funds Add to Near Record Short Position: Cattle Extend Gains, Hogs Consolidate
Grains lower as funds continue to sell on Brazil harvest pressure & rain in Argentina. Cattle extend gains with higher cash ideas, hogs see profit taking & hedge pressure. Kent Beadle, Paradigm Futures has details.
“The fund selling in grains isn’t just about China and Brazil, but also the carry in the markets. That is your theme,” says John Payne with Hedge Point Global Markets.
AgDay TV Markets Now: John Payne with Hedge Point Global Markets says soybeans and corn down for the week with soybeans back below $12.
Shipping disruptions and higher freight costs are to blame for the basis collapse and the large carries in all the major grains, says Jerry Gulke.
Corn and soybeans continue to see fund selling, while funds are covering shorts in wheat. Outside markets respond to Jobs data. Cattle try to extend gains pushed by higher cash. Darin Newsom, Barchart, has more.
Will cattle prices set new record highs in 2024? Kevin Good, CattleFax has their price outlook for fed cattle and feeders.
AgDay TV Markets Now: Kevin Good of CattleFax says record fed and feeder cattle prices are expected in 2024.
Cattle open higher in reaction to USDA’s confirmation of a small herd and no signs of rebuilding, Hogs see profit taking, grains back lower as funds return as sellers. Scott Varilek, Kooima Kooima Varilek, has more.
Brad Kooima of Kooima Kooima Varilek says USDA semi-annual cattle inventory report came as no surprise as it confirmed continued tight numbers and no herd rebuilding.
Grains down as funds turn back to selling with China demand concerns, weak Brazil bean basis, bearish outside markets. Cattle & hogs see end of month profit taking to start. Randy Martinson, Martinson Ag, has more.
Any strength in the grain markets continues to be sold by the fund and algorithm traders according to DuWayne Bosse, Bolt Marketing.
AgDay TV Markets Now: DuWayne Bosse, Bolt Marketing says funds have a near record short position in the grain markets. It is only surpassed by May of 2019 which was in the middle of the China trade war.
March soybeans closed below long-term chart support of $12.00, the first time soybeans have been under that level since June of 2023. Toay says that now opens the door for $11.76 to be tested.
AgDay TV Markets Now: Garrett Toay, Ag Trader Talk, says a “perfect storm” fueled the risk off selling in grain markets on Monday,
Grain and livestock futures see risk off commodity wide selling. China news, Middle East war escalation and rumors of Brazil soybean imports hit the markets. Kent Beadle, Paradigm Futures has more.
Funds bought grains midweek after China announced economic stimulus, but they jumped right back out on Friday after Asian markets failed to rally.” Mike Zuzulo, Global Commodity Analytics, says its due to demand fears.