Markets
Today’s commodity market news. Featuring expert analysis from Michelle Rook, Jerry Gulke and Pro Farmer Editors.
Cash fed cattle prices ended last week $10 per cwt. lower than last year while the beef cutout closed $16 higher than the same week a year ago. The result? Packer margins $314 per head more than last year.
Beef packer leverage is evident with cash cattle prices $7 per cwt. lower than the same week a year ago and beef cutout prices $23 per cwt. higher. Pork producers are gaining leverage with a $5 per cwt. price rally.
Grains lower with wetter extended weather, sluggish exports & awaiting direction from the WASDE. Will USDA make yield adjustments? Cattle bounce on lower corn, while hogs consolidate. Joe Vaclavik, Standard Grain.
Grains mostly lower w/better weather, pre-report positioning awaiting what USDA does with yield in the WASDE. Cattle see a technical bounce w/lower corn, profit taking pressures nearby hogs. Jim McCormick, AgMarket.Net.
AgDay TV Markets Now: Dave Chatterton, Strategic Farm Marketing, says corn ends higher, soybeans lower on profit taking, spread unwinding, correcting the corn/bean ratio. Plus, determining balance sheets pre-WASDE.
The cattle futures markets saw profit-taking pressure today after recent gains.
Corn up, soybeans down w/profit taking, correcting spreads & corn/bean ratio, pre-WASDE squaring. Wheat’s a follower. Cattle fall w/steady-$1 lower cash. Hogs consolidate. Dave Chatterton, Strategic Farm Marketing.
Corn higher, soybeans lower correcting spreads and the corn/bean ratio w/drought concerns. Cattle further consolidate but cash still holding steady. Nearby hogs clear $100. Scott Varilek, Kooima Kooima Varilek.
Grains mixed on spreads and looking ahead to the WASDE for yield and ending stocks direction. Is the cotton market ready to break out technically? Cattle consolidating. Shawn Hackett, Hackett Financial Advisors.
The lawmakers’ primary concern is the risk this plan may pose to rural America due to insufficient EV charging infrastructure.
AgDay TV Markets Now: Don Roose, U.S. Commodities talks about the factors that rallied the wheat market Wednesday, including corrective buying and crop concerns, and why corn and beans faded into the close.
Wheat up on wx, harvest concerns, Ukraine nuclear plant threat. Row crops hold gains digesting acreage & wx. Profit taking hits cattle after new highs, hogs follow higher cash & cutouts. Don Roose, U.S. Commodities.
September SRW futures rose 32 1/2 cents before settling at $6.74 1/4. September HRW futures led the complex higher, rallying 49 3/4 cents before closing at $8.46 1/4.
Wheat up w/dryness concerns in HRS & slow HRW harvest. Corn & beans see profit taking. Feeders make contract highs, live cattle consolidate and hogs follow higher cash, cutouts. Mark Schultz, Northstar Commodity.
Soybeans higher digesting lower acres but end off highs on profit-taking, corn & wheat lower. Feeders make contract highs, LC see profit taking, bull spreads continue in hogs. Chip Nellinger, Blue Reef Agri-Marketing.
With notably smaller soybean acres, weather over the next month will be especially significant.
U.S. consumer sentiment increased 5.2 points (8.8%) in June to a reading of 64.4, according to the University of Michigan’s Surveys of Consumers.
AgDay TV Markets Now: Matt Bennett, AgMarket.Net discusses where ending stocks and prices project to for corn and soybeans after USDA’s shocking shift in acres.
USDA’s June Acreage and Quarterly Stocks reports resulted in a bullish surprise for soybeans and bearish news for corn. In an already volatile grain market, the supply situation is problematic.
Soybeans ended sharply higher with a 4 ma cut so where does that put ending stocks? Corn picked up another 2 ma so will that be offset by yield? Cattle soared on the lower corn. Matt Bennett with Ag Market.Net.
USDA reports had a bullish surprise for soybeans w/around 4 million less acres & lower stocks, but bearish for corn with 94.1 ma. Wheat acreage and stocks slightly lower acreage. John Heinberg, Total Farm Marketing.
Grains higher on corrective bounce, positioning pre-report and assessing storm damage and weather. Live cattle supported by steady cash in the north, hogs work in bearish report numbers. Randy Martinson, Martinson Ag.
The International Grains Council (IGC) cut its 2023-24 global corn crop forecast, reflecting reduced production potential in the U.S. due to drought conditions.
AgDay TV Markets Now: Rich Nelson of Allendale discusses what the grain markets will trade Friday. Will weather trump the reports?
The winter wheat futures markets were again pulled down by another solid drop in corn futures prices. Weekly U.S. wheat sales were also disappointing.
USDA’s June 30 Acreage report is generally a big market mover, but early trade estimates show little change from March, while quarterly stocks estimates indicate tighter supplies than 2022.
Corn had an ugly technical day removing weather premium. Soybeans bounced led by July ahead of the report. Wheat follows corn. Cattle bounced with lower corn, fund buying, hogs mixed pre-report. Rich Nelson, Allendale.
Corn lower as rains fall, while soybeans bounce off retracement ahead of reports. Cattle bounce off weak start on lower corn, light fund buying. Hogs consolidate pre-report. Scott Varilek of Kooima Kooima Varilek.
Grain try to bounce after hitting retracement and as drought expands, pre-report. Cattle consolidate with higher corn, hogs also set back before the report. DuWayne Bosse, Bolt Marketing.
AgDay TV Markets Now: As grains sink Chuck Shelby of Risk Management Commodities discusses strategies for farmers to market in these volatile times and with concerns about getting a crop.