Markets
Today’s commodity market news. Featuring expert analysis from Michelle Rook, Jerry Gulke and Pro Farmer Editors.
Soybeans see profit taking on Brazil rain chances, pull down corn and wheat. Cattle rally into a slightly friendly COF report. Crude oil rebounds. Darren Frye, Water Street Solutions, has more.
On the positive side for corn, the U.S. corn harvest is winding down rapidly, which means farmer selling at the local elevators and commercial hedge pressure will subside.
Soybeans pull grains lower with rain chances for Brazil and technical selling. Cattle see short covering pre-COF and after the Tyson cyberattack. Hogs firm. Vince Boddicker, Farmers Trading Company, has details.
Risk off day as cattle continue defensive ahead of the CoF Report, hogs consolidate. Soybeans lower with Brazil rain chances and corn follows digesting extra bushels. Scott Varilek, Kooima Kooima Varilek has more.
The International Grains Council (IGC) raised its forecast for 2023-24 global grain production by 3 MMT to 2.295 billion MT.
AgDay TV Markets Now: Jim McCormick, AgMarket.Net, explains why corn rallied despite the lower day in soybeans and the plunge in cattle.
The soy complex slid on Brazil rain chances and profit taking, while corn bounced. Cattle plunged on lower cash, pre-COF caution. Demand fears tanked crude oil. Jim McCormick, AgMarket.Net, has more.
Members of the National Oilseed Processors Association (NOPA) crush 189.8 million bu. of soybeans in October.
AgDay TV Markets Now: John Heinberg, Total Farm Marketing, says grains slide on profit taking after hitting chart resistance, Brazil rain chances and outside markets.
Grains mostly lower on profit taking, rain chances in Brazil and spillover from outside markets. Cattle higher with help from the equity rally. Hogs correct. John Heinberg, Total Farm Marketing, has more.
Grains lower on profit taking after hitting chart resistance, plus bearish outside markets like crude oil and the dollar. Cattle up for the third day but can it last into the COF? Darin Newsom, Barchart, has details.
Grains mostly lower on profit taking, rain chances in Brazil and bearish outside markets. Cattle and hogs trade 2-sided with cattle positioning ahead of the COF report. Randy Martinson, Martinson Ag, has more.
Soybeans complex higher on Brazil weather, outside markets and CPI data, corn followed. Cattle rally with equities, with profit taking in hogs. Jeff Hoogendoorn, Professional Ag Marketing, has details.
AgDay TV Markets Now: Jeff Hoogendoorn, Professional Ag Marketing, discusses how the CPI data helped soybeans, corn and cattle all rally on Tuesday.
According to a recent report from CoBank, an abundance of corn and soybeans has resulted in cheaper basis and bigger carries in futures markets.
Witnesses at the hearing acknowledged the benefits of new technologies, including increased crop yields and reduced waste, but stressed the importance of providing clear benefits to growers.
Soybeans 2-sided with mixed products. Corn disappoints after the reversal, wheat mixed. Cattle correct with equities; hogs see profit taking. Chip Nellinger, Blue Reef Agri-Marketing has more.
Cattle oversold, following higher equities but cautious ahead of COF. Hogs see profit taking and so do soybeans. Corn higher with wheat and Mexican export biz. Brad Kooima, Kooima Kooima Varilek, has more.
Recent WASDE reports had assumed another record Brazilian soybean crop and Argentina returning to normal, but the El Niño weather pattern might have something to say about that.
China bought around 3 MMT of soybeans or 110 million bushels from the U.S. last week, a volume that reportedly surprised the market. They added another 7.5 million bushels on Monday.
AgDay TV Markets Now: Tomm Pfitzenmaier, Summit Commodity Brokerage, says South American weather is the key to the corn and soybean markets with the WASDE Report out of the way.
Soybeans higher on China export news and SA weather, corn tries to follow with a Mexican sale but anchored by wheat. Cattle try to recover after an ugly week. Mike Zuzulo, Global Commodity Analytics, has more.
AgDay TV Markets Now: Brian Grete, Pro Farmer, talks about the big rally in soybeans and meal and if prices will climb past $14 resistance, plus corn scores a key reversal.
Beans & meal up on SA weather, China export biz. Corn scores a key reversal but is it bottoming? Wheat is a reluctant follower. Cattle bounce off new lows. Hogs anticipate a cash low. Brian Grete, Pro Farmer, has more.
Soybeans rally on SA weather and China export hopes, pulling up corn. Wheat is a reluctant follower with weak demand. Cattle recover from new lows for the move, hogs follow. Kent Beadle, Paradigm Futures, has more.
On soybeans, Jerry Gulke says the 25 million bushel increase in carryout can easily be wiped out with the current weather issues potential cuts to South American production, plus increased export demand.
Chinese factories facing overcapacity in a challenging economic environment are attempting to address their problems by increasing exports.
As South America’s growing season progresses market participants will closely watch for potential changes in Brazil and Argentine production estimates.
Grains lean lower on WASDE hangover & eyeing SA weather, corn made a new low. Cattle 2-sided trying consolidating after fund selling & lower cash, hogs chop. Tomm Pfitzenmaier, Summit Commodity Brokerage, has more.
USDA raised yield, production and ending stocks for both corn and soybeans in the November WASDE leading to a bearish reaction in the markets.