Markets
Today’s commodity market news. Featuring expert analysis from Michelle Rook, Jerry Gulke and Pro Farmer Editors.
Tomm Pfitzenmaier, Summit Commodity Brokerage, says grains mixed as fund buying pauses and with increased farmer selling. Markets are watching weather, WASDE. Livestock see a Turnaround Tuesday bounce.
Tommy Grisafi, Advance Trading, says it’s the combination of weather and production concerns globally and in the U.S. that have finally caught the grain market’s attention and will dictate how high prices go.
Grains rally on weather and technical buying. Will funds keep covering their short positions with the chart breakouts and what kind of rally could that produce? Tommy Grisafi, Advance Trading, has answers.
The U.S. rebuttal on Mexico’s GMO corn ban for food use argues Mexico’s submission to the U.S.-Mexico-Canada Agreement (USMCA) panel contains factual and legal inaccuracies.
Brad Kooima, Kooima Kooima Varilek, says cattle are trading more H5N1 headlines and disregarding higher cash, hogs are following. Grains are adding weather premium, but he cautions weather rallies are fleeting.
Don Roose, U.S. Commodities, says grain markets are trading weather and have had some chart breakouts. That could keep funds buying but only if weather continues to be bullish.
Corn, soybean and soybean meal futures posted higher weekly closes, but it’s hard to predict how far the grain markets could rally, says Jerry Gulke. “Now it becomes more of an art than a science,” he adds.
Grains ended higher on Friday with chart breakouts on weather and crop concerns, plus fund short covering. Cattle mixed, hogs. lower.
Whenever the scores are released, they could show another hefty increase for food and nutrition spending, paid in part by the way her bill alters the Title I safety net programs.
Grain markets have been rallying this week on weather and crop concerns and it’s not just wheat. Eric Snodgrass, Senior Science Fellow, Nutrien Ag Solutions, talks about Northern and Southern Hemisphere weather.
Grains continue higher with weather concerns in the U.S. and SA, a lower dollar and funds are covering shorts with the stronger technical action says Darin Newsom with Barchart. Will the funds eventually buy grains?
John Payne, Advance Trading, says soybeans and soybean meal led the grain rally Thursday on short covering and adding weather premium with heavy rains and flooding in southern Brazil and parts of Argentina.
The Buenos Aires Grain Exchange cut its Argentine corn crop estimate another 3 MMT.
John Payne, Advance Trading says grains rally on fund short covering and weather, with a higher day in cattle and lower close in cotton....again.
Members of Teamsters Canada have authorized strike actions at the nation’s two major railroads, Canadian National Railway and Canadian Pacific Kansas City.
Cattle rally after negative tests for H5N1 in ground beef and improving cash says Scott Varilek, Kooima Kooima Varilek. Grains are putting in weather premium, is a chart breakout in the works?
Corn and soybeans close higher Wednesday, with wheat and livestock lower. Ted Seifried, Zaner Ag Hedge, recaps the action plus talks about why the stock market rallied after interest rates were left unchanged.
AgDay Markets Now: Ted Seifried, Zaner Ag Hedge, says corn and soybeans saw a technical bounce Wednesday, with profit taking in wheat.
Through the first seven months of 2023-24, corn-for-ethanol use ran 6.7% above the same period last year.
Chuck Shelby, Risk Management Commodities, says wheat is consolidating and pulling down corn. When will the grain markets become concerned about weather?
Kent Beadle, Paradigm Futures, says soybeans, bean oil and wheat tank on heavy deliveries and fast planting progress.
A lower day in the grains on heavy deliveries, fast planting and some end of month squaring. Kent Beadle, Paradigm Futures says cattle were also lower following the stock market and H5N1 headlines.
The Biden administration released initial guidance on its SAF subsidy program, which includes three climate-smart practices for corn-based ethanol to qualify; two qualifying practices for soy-based biodiesel.
Grains lower on profit taking, heavy deliveries of BO and CH wheat, plus faster than expected planting pace. USDA’s ground beef testing for bird flu is weighing on cattle. Randy Martinson, Martinson Ag, has more.
Shawn Hackett, Hackett Financial Advisors says wheat finally saw profit taking on Monday and was due for a correction. Soybeans ended slightly higher, pushed by meal.
Canadian Pacific Kansas City (CPKC) Ltd. is preparing for the possibility of a strike by some 3,300 workers next month, as the clock ticks toward a negotiation deadline.
Winter wheat sees some profit taking Monday pulling down corn. While Shawn Hackett, Hackett Financial Advisors says soybeans follow meal higher. Profit taking in cattle. And what’s driving the rally in metals?
The Department of Labor finalized a new rule for agricultural workers in the U.S. under the H-2A visa program, which will take effect on June 28.
Cattle start higher on strong cash before end of month profit taking sets in. Corn and wheat also consolidate with an eye on weather while soybeans move higher. Brad Kooima, Kooima Kooima Varilek has details.
Darren Frye, Water Street Solutions, says the wheat rally came on weather and technical buying, which also helped corn and soybeans post a higher week. He’s not sure it can continue without a bigger weather issue.