Markets
Today’s commodity market news. Featuring expert analysis from Michelle Rook, Jerry Gulke and Pro Farmer Editors.
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.
Mexico has been a key beneficiary of reworking the global supply chains that has seen companies find ways to be closer to the U.S. economy.
Ugly day in the grains with fund liquidation/profit taking on rain chances, EOQ, report positioning. Cattle impress with lower corn. Hogs mixed preparing for the report. Jeff Hoogendoorn, Professional Ag Marketing.
The flush in the grain and soybean complex futures markets continued at mid-week, with weak long liquidation featured amid weather forecasts that have added better precipitation chances for the Midwest.
AgDay TV Markets Now: Alan Brugler with Brugler Marketing says grains plummet removing risk premium with forecasted rains and ahead of USDA Reports, despite the lowest crop ratings since 1988.
Former U.S. Trade Representative Robert Lighthizer released his book, No Trade is Free. Some nuggets:
Grains end sharply lower as funds took profits on possible rain, end of quarter and USDA reports. Cattle bounced but has the market finished its correction and are hogs near a top? Alan Brugler, Brugler Marketing.
Grains lower ignoring lower crop ratings as funds take profits on forecasted rains, EOQ and pre-USDA reports. Cattle surge on lower corn, hogs are mixed but may be topping. Chuck Shelby, Risk Management Commodities.
Cattle higher on lower corn but will it hold with lower cash expectations? Hogs see some profit taking ahead of Hogs/Pigs Report. Gap lower in grains with forecasted rains. Brad Kooima, Kooima Kooima Varilek.
In July, USDA will accept applications for $450 million in Higher Blends Infrastructure Incentive Program (HBIIP) grants to further support biofuel-related infrastructure.
AgDay TV Markets Now: John Payne, Hedge Point Global Markets, says corn and beans trade higher on weather, strong soy products ahead market movers like first notice day and big reports.
Soybeans higher following products, corn & wheat mixed chasing Russia headlines, weather, reports. Cattle correcting after COF, lower cash and beef. Hogs strong helped by cash. John Payne, Hedge Point Global Markets.
Soybean futures saw gains today, especially in old crop futures as bulls reversed losses from late last week.
Wheat up early on Russia headlines but fade after poor exports news. Corn mixed assessing weekend rains, with soybeans pushed by soybean oil. Cattle lower on COF, cash idea. Hogs up. Kent Beadle, Paradigm Futures.