Markets
Today’s commodity market news. Featuring expert analysis from Michelle Rook, Jerry Gulke and Pro Farmer Editors.
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.
The higher day in corn after the WASDE was encouraging to Oliver Sloup, Blue Line Futures, “I’ve kind of been telling folks no new bearish news, is actually good news,” he explains.
Grains end lower except corn after USDA makes on only slight adjustments in the June WASDE. Oliver Sloup, Blue Line Futures, says now the market will prep for the month end reports and watch weather.
For 2024, USDA raised its pork production forecast 40 million lbs. on a more rapid pace of second-quarter slaughter and higher dressed weights. USDA lowered its 2024 beef production forecast 5 million lbs.
Grains mixed after the WASDE with very few changes for corn and soybeans. Wheat did see slightly lower U.S. ending stocks and Russian, EU and Ukraine production dropped a total of 8 mmt says Jim McCormick, AgMarket.Net.
Cattle rally on strong cash but face a tug of war due to bird flu news says Scott Varilek, Kooima Kooima Varilek. Hogs try to follow but struggle with sliding cash. Row crops higher, wheat lower correcting pre- report.
Matt Bennett, AgMarket.Net, says traders evened positions Tuesday going into the USDA reports. However, he’s expecting very few revisions on a U.S. basis so he’s looking at global numbers.
Grains see a corrective day and WASDE report positioning with wheat sharply higher, row crops lower. Matt Bennett, AgMarket.Net, says cattle also saw profit taking ahead of the Fed announcement.
The international monetary and reserve system is gradually moving away from dollar dominance.
The World Bank raised its global economic growth forecast for this year to 2.6%, up from January’s 2.4%, driven by strong U.S. economic expansion. However, it warns that. . .
Boosted by the popularity of forage policies, crop insurance coverage exceeded 500 million acres in 2023, marking the highest level ever.
Randy Martinson, Martinson Ag, says he was impressed with how corn and soybeans managed to end higher on Monday, despite the collapse in wheat.
Randy Martinson, Martinson Ag, says corn and beans end higher, which was impressive considering the collapse of the wheat market which has been down nine days. Cattle rally, while hogs fail.
Cattle futures rally as Brad Kooima, Kooima Kooima Varilek, says Northern cash trade topped at $193 live late Friday. Hogs consolidate. Row crops bounce, despite the lower wheat market.
More fund selling Friday in the grains shows the funds are back selling on any rally and reestablishing their short position says Darren Frye, Water Street Solutions.
Darren Frye, Water Street Solutions, says speculators look like they are re-establishing their short positions at least in the corn and soybean markets. “They are selling on any rally,” he says.
On Jan. 1, 2025, the 40B and 40A credits will expire, and the 45Z program will begin, running through 2027. The new credit will be based on emissions rates.
“It’s like farmers threw in the towel after getting sick of waiting for better prices or realized they’re going to need bin space,” says Jerry Gulke. He shares four points that might mean lower prices aren’t over yet.
Friday’s technically bearish weekly low closes in winter wheat futures suggest follow-through chart-based selling pressure early next week. However, the winter wheat futures markets are also short-term oversold...
Grains back lower as wheat drags down corn and soybeans and Randy Martinson, Martinson Ag, says funds are back in sell mode. Cattle are trying to bounce awaiting cash news while hogs are mostly lower again.
Corn and soybeans see double digit gains on short covering and talk of China biz says John Payne, Advance Trading, while wheat struggled. Cattle were hit by more bird flu news, hogs reversed off new lows.
Corn and soybeans see double digit gains on fund short covering after seven down days. John Payne, Advance Trading, says the markets were oversold and due for a correction.
Soyoil premiums in Argentina reached their highest point since July 2022, according to Fastmarkets.
The U.S. exported $14.44 billion of agricultural goods in April against imports of $18.30 billion, resulting in a deficit of $3.86 billion.
Cattle lower on more bird flu news but at least holding support. Scott Varilek, Kooima Kooima Varilek. Hogs make more new lows for the move and may contract lows. Grains see a short covering bounce.
Jeff Hoogendoorn, Professional Ag Marketing, says the cash and cutouts have been stagnant. So, the lean hog futures have continued to take all the premium out of the market to trade down to the index.
Grain and livestock end lower. Hogs make new lows for the move, pulling down cattle but funds are selling in livestock and back selling in grains. Jeff Hoogendoorn, Professional Ag Marketing, wraps up the day.
The union warned a strike could significantly disrupt the flow of goods, services and individuals entering and leaving Canada.
The recent Treasury Department decision to allow U.S.-made ethanol and other biofuels to qualify for a SAF tax credit under the IRA/Climate Bill has sparked a range of reactions from different stakeholders.
Corn and soybeans saw some early short covering as they are oversold but are getting drug down by wheat and fund selling says Kent Beadle, Paradigm Futures.