Markets
Today’s commodity market news. Featuring expert analysis from Michelle Rook, Jerry Gulke and Pro Farmer Editors.
Gulke has heard the argument that the funds hold a near-record short position in the grain and oilseed complex and will eventually need to exit those positions. However, he says it’s not that simple.
A recap of this week’s price action with outlook broken down into the next 5, 30 and 90 day segments.
Corn and soybeans pop on shortcovering, wheat fails with a higher dollar. Cattle extend gains despite softer cash, hogs fall hitting chart resistance. Tomm Pfitzenmaier, Summit Commodity Brokerage, has details.
The International Grains Council (IGC) raised its forecast for 2023-24 global corn production to a fresh record high.
AgDay TV Markets Now: Darin Newsom Discusses When Grain Prices Will Find a Bottom
Grains hit new lows with more fund selling. Is there anything that can bottom the grain markets? Financial markets and crude oil ended higher. While cattle rebound despite lower cash. Darin Newsom, Barchart, has more.
U.S. export prices unexpectedly rose 0.8% month-over-month in January, defying market expectations of a 0.1% decrease.
Cattle drift digesting lower cash trade. Hogs reverse a lower start on strong weekly exports. Grains make new lows on USDA Ag Outlook data but soybeans bounce. Scott Varilek, Kooima Kooima Varilek, has more.
The possibility of enacting a carbon border tax in the U.S. is under discussion as trade partners, including the EU, are moving forward with similar measures.
AgDay TV Markets Now: Kent Beadle, Paradigm Futures explains why grain and cattle saw red on Valentines Day
Grain markets see fund selling ahead of USDA’s Ag Outlook Forum. Cattle pressed by lower cash in the south, but hogs rally on Prop 12 news. Kent Beadle, Paradigm Futures, has details.
Mexico is self-sufficient in white corn production but it imports large amounts of yellow corn – almost entirely from the United States.
Grains and cattle start in the red, while hogs finally bounce. DuWayne Bosse, Bolt Marketing, looks at where the early pressure stems from.
AgDay TV Markets Now: Alan Brugler, Brugler Marketing, discusses why soybeans could not extend gains on Tuesday and why corn can’t bottom.
The annual inflation rate in the U.S. fell to 3.1% in January following a 3.4% increase in December but came higher than forecasts of 2.9%.
Alan Brugler, Brugler Marketing says he can’t call a low in the corn market without some sort of a catalyst and “We don’t have much to work with fundamentally in soybeans to rally.”
Crop insurance costs are estimated to rise by 29% to nearly $125 billion for the decade ending in 2033.
Cattle see profit taking with a lower stock market. Hogs continue to consolidate. Corn tries to extend gains on fund short covering with a lack of bullish news. Brad Kooima, Kooima Kooima Varilek, has more.
AgDay TV Markets Now: Naomi Blohm says corn and soybean saw a technical bounce but are still watching two key factors this week for direction.
The Rosario Grain Exchange said 100,000 hectares of soybeans in Argentina’s core production area were lost due to “irreversible stress symptoms” after extreme heat that lasted two weeks.
Soybeans see short covering before USDA Outlook Forum. Corn follows beans, bouncing off contract lows. Live cattle see profit taking despite higher cash, feeders strong. Naomi Blohm, Total Farm Marketing, has more.
The Congressional Budget Office (CBO) last week released a new baseline for USDA mandatory funded programs,
Grains start mixed with soybeans seeing corrective buying, while wheat is lower and corn is stuck. Cattle seeing slight gains after sharply higher cash, hogs are two-sided. Randy Martinson, Martinson Ag, has details.
Grains and cattle end mixed, with a higher close in hogs and cotton. Details with Chuck Shelby, Risk Management Commodities.
The consumer price index (CPI) rose 0.2% in December instead of 0.3% as reported last month, the revisions of the CPI data published by the Labor Department showed.
March cotton surged 268 points to 91.78 cents and notched a 467-point gain on the week.
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.