Markets
Today’s commodity market news. Featuring expert analysis from Michelle Rook, Jerry Gulke and Pro Farmer Editors.
LanzaJet inaugurated the world’s first ethanol-to-sustainable aviation fuel (SAF) production facility, Freedom Pines Fuels, in Soperton, Georgia.
Grains start higher on continued corrective buying but soybeans have run into chart resistance. Cattle and hogs see following through buying after chart breakouts yesterday. Randy Martinson, Martinson Ag, has more.
“While soybeans have had a nice break higher the last four days, corn is moving sideways.” Dave Chatterton, Strategic Marketing says upside in corn is being limited by the 2.16-billion-bushel carryover.
China has sought to increase output of oilseeds such as soybeans and rapeseed and cut the ratio of meal used in animal feed, as food security becomes an increasingly important priority.
AgDay TV Markets Now: Dave Chatterton with Strategic Farm Marketing says soybeans up a 4th day on SA crop concerns and higher meal, livestock see chart breakouts, with corn sideways.
Vilsack stressed the importance of finding alternative ways to boost income, especially for small and medium-sized operations.
Grains higher in early trading on continued corrective buying, despite slightly bearish outside markets. Kent Beadle, Paradigm Futures says the grain markets may have finally run out of sellers.
Corn and soybeans held long term support last week and built on it with Monday’s close.
Grains close mostly higher on corrective buying and crude oil strength. Are lows forming? Cattle lower despite a neutral COF on a lack of cash. Chip Nellinger, Blue Reef Agri-Marketing, has details.
The upcoming FOMC meeting Jan. 30-31 faces the challenge of bridging the significant gap between market expectations for interest-rate cuts and the committee’s own projections for policy in 2024.
Cattle lower despite neutral COF, on profit taking and the lack of cash. Hogs continue to correct with supplies backing up. Did corn and soybeans put in lows last week? Brad Kooima, Kooima Kooima Varilek, has more.
Jerry Gulke, president of the Gulke Group, considers the bounce off the lows a victory: “This was a win, even though we had markets down a little bit for the week.”
GAO called for USDA to enhance its procedures, including providing data to the Committee on Foreign Investment in the U.S.
AgDay TV Markets Now: Tomm Pfitzenmaier, Summit Commodity Brokerage, says corn and soybeans see a lack of follow through buying Friday and fail to confirm the lows are in.
Cotton surged to a two-and-a-half-month high in early trade and notched gains for the fourth straight session amid U.S. dollar weakness, a rally in equities and robust export demand.
Grains close mixed & fail to confirm a low with a lack of follow through in corn & soybeans after reversals, strong weekly exports and China soybean biz. Tomm Pfitzenmaier, Summit Commodity Brokerage, has more.
We asked seven commodity market analysts to give commodity market outlooks for 2024 With their insights, the bearish market conditions will carry over, with a slightly more optimistic outlook for soybeans over corn.
Grains extend gains after reversals, with strong exports & China soybean sales. Kevin Duling, KD Investors, says he can’t confirm a low yet. Cattle consolidate ahead of COF, while crude oil sees profit taking as well.
Cattle 2-sided after chart breakout, awaiting cash and the COF. Hogs continue to correct. Grains extending gains after reversals and with better export news. Scott Varilek, Kooima Kooima Varilek, has more.
Dan Basse: “Importantly, managed money is sitting on their largest net short CBOT grain position in four years.”
Naomi Blohm: “The U.S. soybean story remains quite friendly to start 2024 with historically small ending stocks and strong crush demand.”
Peter Meyer says, “Both the corn and soybean markets will need to take their lead from changes in both global and domestic demand given the production shortfall stories have become stale.”
Chip Nellinger says, “Producers should be prepared to be more aggressive than years past in protecting downside price risk.”
“Near term, the soybean market has a loftier perch with a tight balance sheet emerging from supply headwinds,” says Mike North.
“It’s difficult to find anything bullish to say about corn for 2024.” says Jon Scheve.
Angie Setzer says, “With their new trade agreement with Brazil, China is likely to import less corn from the U.S. in 2023.”
The International Energy Agency (IEA) further raised its 2024 global oil demand growth forecast, though its projection remains lower than OPEC’s expectations.
AgDay TV Markets Now: Grains Finally Rally but Jim McCormick Discusses if the Market Can Build on it
AgDay TV Markets Now: Grains finally close higher but can the markets build on it? Jim McCormick, AgMarket.Net, has the answer.
New non-real estate farm lending activity at commercial banks continued to decline in the fourth quarter, according to the Federal Reserve Bank of Kansas City.
Grains finally end higher, but can the market build on it? Cattle make new highs for the move pre-COF, while crude oil rallies in a risk on day. Jim McCormick, AgMarket.Net has more.