Markets
Today’s commodity market news. Featuring expert analysis from Michelle Rook, Jerry Gulke and Pro Farmer Editors.
Greg McBride with Allendale, Inc. says soybeans and wheat saw early strength on Wednesday but the markets have struggled to hold gains with corn making new contract lows again.
John Heinberg of Total Farm Marketing says funds sold across the grain complex pushing corn to new contract lows again. Corn saw pressure from historically high crop ratings and record yield estimates.
President Trump is poised to impose some of the highest tariffs among trading partners on Brazil.
Brady Huck with Advance Trading, Inc. says corn continues to grind into new contract lows with a strong crop rating of 73% good to excellent on Monday and StoneX’s record 188.1 bushel yield forecast.
Tommy Grisafi with Nesvick Trading Company says soybeans and meal both saw a short covering bounce after a long string of lower days, while corn made more contract lows.
Brad Kooima of Kooima Kooima Varilek says cattle futures started higher early Monday on the heels of record cash. Grains tried to bounce but may have a tough time holding any gains with favorable weather, big yield ideas and trade uncertainty.
It’s yet to be seen which countries will retaliate to the announced July 31 tariff increases, but the tariffs in place since April are generating revenue for the U.S.
Bryan Doherty with Total Farm Marketing says grain markets were lower on Friday and for the week with pressure coming from non-threatening weather, big yield ideas as well as trade concerns tied to tariffs.
Market keys for the next 5, 30 and 90 day segments.
Scott Varilek with Kooima Kooima Varilek says live and feeder cattle futures are trying to recover after an ugly day Thursday that ended with bearish reversals. Grains are mixed on favorable weather and tariff news.
Allison Thompson with The Money Farm says corn and HRW wheat extended gains for a second day in what looked to be end of the month short covering by the funds.
The NPPC is working to get out in front of upcoming Farm Bill legislation.
Craig Turner, grain and oilseed analyst with StoneX says its the last trading day of the month and corn, soybeans and wheat are all poised to have bearish monthly lower closes.
Alan Brugler, A&N Economics, says soybeans sank on demand concerns with large global supplies and China continuing to buy from South America. November soybeans fell below $10 and project even lower.
Kevin Duling, KD Investors, says corn is trying to bounce Wednesday off of new contract lows scored in old crop futures and wheat is also trying to recover after new lows on Tuesday.
The European Union has been a major importer of U.S. ethanol in recent years.
Matt Bennett, AgMarket.Net, says it was an ugly day in the grain markets with old crop corn making new contract lows once again with spillover pressure from wheat and a higher dollar.
DuWayne Bosse with Bolt Marketing says corn made a new contract low in the September contract, with December trying to hold support. Soybeans and wheat are also lower early Tuesday.
Garrett Toay, AgTraderTalk, says corn and soybeans continued to push back towards recent lows on weather as areas of the Corn Belt saw rain over the weekend and the heat is starting to ease.
Joe Kooima of Kooima Kooima Varilek says both live and feeder cattle futures gapped higher into all-time and contract highs again on Monday morning on the heels of the bullish USDA Cattle on Feed and Cattle Inventory Reports. Grains opened lower as weather is trumping export and trade news.
Scott Varilek with Kooima Kooima Varilek says both live and feeder cattle futures had a nice recovery and got within striking distance of the all-time highs set earlier in the week.
Darin Newsom, Senior market analyst for Barchart, Inc. says grains are working on a lower weekly close this week with the early pressure Friday. Funds have had no reason to buy grains he says.
Jim McCormick, AgMarket.Net, says corn saw a dead cat bounce with 3-cent gains on light short covering and solid export news.
Randy Martinson, Martinson Ag, says corn saw some early strength bouncing off support areas on the charts but is struggling to hold gains due to mostly favorable extended weather forecasts.
Senator Marshall highlighted four pillars of the legislation including increased efficiency in agriculture; healthier, more nutrient-rich food; affordable access to primary care healthcare; and addressing mental health challenges among young people.
Dan Basse, president, Ag Resource Company, says the grain markets faded the announcements regarding three trade deals, including Japan, due to the lack of details.
Bryan Doherty with Total Farm Marketing says soybeans are seeing a slight bounce early in the session on trade news.
Rich Nelson of Allendale, Inc. says funds returned to sell in corn and soybeans on weak technicals, weather and crop ratings.
Mike Minor, Professional Ag Marketing, says corn and soybeans continue to see fund selling and broke below key moving averages Tuesday morning.
The proposal would set the highest overall numbers ever.