Markets
Today’s commodity market news. Featuring expert analysis from Michelle Rook, Jerry Gulke and Pro Farmer Editors.
The potential consequences of not renewing the USMCA include significant economic and trade disruptions, increased policy and regulatory uncertainty, weakened enforcement of labor and environmental standards.
Grain and cattle futures end mostly lower on Friday and were lower for the week. Naomi Blohm, Total Farm Marketing, says weather, crop ratings and what the funds want to do next will determine future market direction.
Corn futures closed lower each day this week in the biggest weekly loss since last July on the continuation chart. A portion of this week’s selling pressure can likely be attributed to long-term fundamentals...
Grains recover after three down days. Is this recovery all technical and will it last? Darin Newsom, Sr. Market Analyst for Barchart, says wheat has the best chance with concerns about drought in HRW areas.
Cattle and grains end lower so was it end of month profit taking or a trend change? Scott Varilek, Kooima Kooima Varilek says cattle will recover but grains need a new weather story.
Cattle were lower for a second day with China news kicking in algorithm selling, while hogs bounce. Grains lower removing weather premium but Scott Varilek, Kooima Kooima Varilek, says it’s a possible top.
The Fed noted, “Agricultural reports were mixed, as drought conditions eased in some districts, but farm finances/incomes remained a concern. Overall outlooks grew somewhat more pessimistic. . .
Vince Boddicker, Farmers Trading Company says corn and wheat see end of month profit taking in need of a new weather story, soybeans try to hold slight gains. Cattle trying to recover, hogs search for a low.
Germany and France are urging the European Union to intensify measures against the import of fraudulent biofuel, particularly from China, which uses ingredients like used cooking oil.
Rich Nelson with Allendale, Inc. says several factors created a risk off day in grain and livestock including end of the month profit taking.
Grain and livestock futures all end lower in a risk off day according to Rich Nelson of Allendale. What triggered it and is this topping action in the grain markets?
Higher exports of livestock and dairy, as well as increased ethanol sales largely offset reductions in grains and feeds, oilseeds and horticultural products.
Live cattle mixed early digesting last week’s record cash but will eventually make new contract highs says Brad Kooima of Kooima Kooima Varilek. Hogs try to bounce. Corn and soybeans struggle with planting progress.
Wheat makes new highs for the move and then ends well off its highs. DuWayne Bosse, Bolt Marketing, says the trend is still higher but the bull will need to be fed with more bullish news to keep going.
President Joe Biden said if he is re-elected, he will let former President Donald Trump’s tax cuts expire. He wants big increases/changes. . .
Wheat ends higher put off highs, so is the market getting tired? DuWayne Bosse, Bolt Marketing, says the global crop concerns may be priced in. Meanwhile soybeans fall and pull corn down.
Argentina is on track to start long-awaited corn shipments to China from July, the country’s grain export chamber told Reuters.
Wheat makes new highs for the move on Russia crop concerns, while corn and soybeans struggle. Cattle are mostly higher after the COF, with hogs making new lows. Randy Martinson, Martinson Ag, has more.
Garrett Toay, AgTrader Talk, says the seasonal highs for corn usually come in the third week of June. However, with funds nearly flat the big determinant of future direction will be weather and the June Acreage Report.
Gulke says, all of the winter predictions for the grain and oilseed market haven’t come true. “So suddenly we’ve kind of turned upside down to where conventional wisdom was almost 98% wrong.,” he says.
USDA maintained its outlook for all food prices to rise 2.2% this year, with food at home (grocery) costs expected to be up 1.2%.
Grains end mostly higher Friday with pre-holiday trade but also holding weather premium. Cattle traded mostly lower ahead of the COF Report despite some record cash in the North. Garrett Toay, AgTraderTalk, has more.
A recap of this week’s price action and key market drivers in the next 5, 30 and 90 days.
Cattle futures fade the record high cash trade on caution ahead of the Cattle on Feed Report. Hogs still searching for a low. Grains chop pre-holiday eyeing weather. Scott Varilek, Kooima Kooima Varilek, has more.
USDA is launching a new initiative to compensate dairy farmers for milk losses caused by H5N1,marking potentially the largest economic aid for the dairy industry to date.
Allison Thompson, The Money Farm, says, “On the weather side we are looking for a pretty wet weekend and brings up question about whether farmers will switch corn acres to beans or take prevent plant.”
Corn and wheat end higher still trading weather concerns in the U.S. and globally, but corn exports were also strong. Allison Thompson, The Money Farm, says, both markets are up challenging chart resistance.
The International Grains Council (IGC) cut its 2024 global corn production forecast 6 MMT from last month.
Grains continue to rally on weather concerns, but what is going on with cash basis levels and when should farmers sell? Nick Tsiolis, Farmers Keeper, shares insight.
Soybeans rally on talk of China export sales, corn follows. Wheat makes near term highs then farmer selling hits. Cattle also make for the move highs with higher cash news. Mark Schultz, Northstar Commodity, has more.