Markets
Today’s commodity market news. Featuring expert analysis from Michelle Rook, Jerry Gulke and Pro Farmer Editors.
Grains mostly higher except Dec corn assessing rains, Russia headlines. Cattle set back after COF and lower cash and beef last week, hogs strong. Outside markets quiet. Darin Newsom covers it all.
AgDay TV Markets Now: Mike Zuzulo with Global Commodity Analytics says grains take a break, but the weather market isn’t over as one rain event isn’t going to wipe out the drought areas.
Grains lower w/fund selling/profit taking on better rain chances, risk off. But yet wheat is up for the week. What’s the next move for cattle? Is the hog market topping? Mike Zuzulo, Global Commodity Analytics.
Next Friday’s acreage and Quarterly stocks reports are known as severe market catalysts that can change the trend of a market.
Grains continue lower with profit taking and hedge selling with better rain chances. Cattle recovering with lower corn but positioning ahead of the Cattle on Feed Report. Kevin Duling of KD Investors has more.
EPA assumes there will be rising production of sustainable aviation fuel (SAF), but that will cut into renewable diesel production.
Wheat market bulls fared pretty well today given the solid losses scored in the corn and soybean futures markets.
Corn and beans saw profit taking on extended rain forecasts, while wheat ended mixed. Cattle bounced with the lower corn and on the long side of spreads with hogs. Ted Seifried, Zaner Ag Hedge.
A flood of Brazilian soybean cargoes into China is weighing on soymeal purchases and may curb buying of beans later in the year, traders and analysts told Reuters.
Tomm Pfitzenmaier, Summit Commodity Brokerage, says grains rallied on weather and the drop in crop ratings and subsoil moisture. The markets pushed through chart resistance and could see continued buying.
The Clean Air Act (CAA) allowed for exemptions to be granted for small refiners, a topic that has become controversial in recent years, prompting EPA to reverse some prior granted small refinery exemptions (SREs).
Grains rally on weather, drop in ratings, subsoil moisture, fund buying. How much upside is left? Cattle consolidate w/ corn up. Profit taking in hogs w/higher meal. Tomm Pfitzenmaier, Summit Commodity Brokerage.
A bull-blown weather market is playing out in the soybean and corn futures markets, which propelled soybeans and meal today.
Grains put in weather premium, with the drop in crop ratings and fund buying. Cattle continue to consolidate with higher corn, lower cash. Hogs see profit taking. Vince Boddicker, Farmers Trading.
Grains gap higher on drop in crop ratings, fund buying, only BO is lower on the EPA RFS proposal. Cattle consolidate with higher corn, lower cash, cutouts. Hogs see profit taking. Kent Beadle, Paradigm Futures.
EPA plans to increase the amount of biofuel blending volumes for 2023 versus its proposed levels, but plans to reduce volumes in 2024 and 2025.
AgDay TV Markets Now: DuWayne Bosse of Bolt Marketing says corn and soybeans ended slightly higher but off highs with profit taking and hedge selling. But will retest those areas with lower crop ratings.
Cash and wholesale conditions seem to favor continued weakness across the cattle and beef complex.
Corn and beans end steady to higher trading weather but see profit taking. Wheat mixed on spreading. Cattle consolidated breaking chart support, while hogs rally pushed by cash. DuWayne Bosse, Bolt Marketing.
Grains see light selling with a slight improvement in weather, profit taking and hedge selling after breaking resistance. Cattle consolidate, hogs gap higher pushed by cash. Randy Martinson, Martinson Ag has details.
Cattle lower on consolidation awaiting cash, hogs gap higher w/strong cash. New crop corn and beans see some profit taking, hedge pressure with a little bit better weather. Brad Kooima, Kooima Kooima Varilek.
AgDay TV Markets Now: Bryan Doherty with Total Farm Marketing talks about the new contract lows in Class 3 fluid milk prices and when the market might improve.
After hitting a record high for Class III fluid milk in April 2022 at nearly $26, spot month milk futures have plunged to new contract lows, hitting $14.92 per hundred weight on June 16.
AgDay TV Markets Now: Bryan Doherty, Total Farm Marketing says grain markets post sharply higher week and strong technical closes. Action could get even more explosive if dry weather forecasts continue.
Corn and soybeans are in a full-blown weather rally. After a sharply higher week, what should farmers watch for to decide when to market their crops?
Recap of this week’s price action with 5, 30 and 90 day outlook for soybeans.
Grains end sharply higher Friday, for week on fund buying & weather concerns. If it stays dry how high will prices run? Cattle bounce but is a bottom in? Hogs up for the week. Bryan Doherty, Total Farm Marketing.
Grains end sharply higher on Friday and for the week on fund buying, weather concerns. How high will prices run? Cattle bounce but is a bottom in? Hogs post a higher week. Bryan Doherty, Total Farm Marketing.
Grains see massive fund buying in a bull blown weather market. How high will price go? Cattle recover despite weaker cash and higher corn, while hogs reverse. Darin Newsom, Barchart.
Grains see massive fund buying in a bull blown weather market. How high will price go? Cattle recover despite weaker cash and higher corn, while hogs reverse. Darin Newsom, Barchart.