Markets
Today’s commodity market news. Featuring expert analysis from Michelle Rook, Jerry Gulke and Pro Farmer Editors.
New crop corn and beans up on weather but Arlan Suderman, StoneX says yield loss talk is premature. Wheat ends mixed. Cattle could retest highs with more record cash and hogs build on the higher weekly closes.
Corn and Nov soybeans higher on weather concerns, ideas of lower crop ratings. Wheat mixed with poor demand. Live cattle rebound but will they retest the highs if cash is up this week? Randy Martinson, Martinson Ag.
Corn and new crop soybeans up on dry weather and ideas of lower crop ratings. Wheat mixed on spreads. Live cattle see short covering w/strong beef values and cash pushes hogs. Kent Beadle, Paradigm Futures.
Office of Management and Budget (OMB) meetings on EPA’s biofuels plan for 2023 and beyond are ongoing, addressing the Renewable Fuel Standard (RFS) obligations.
The June WASDE confirmed grain poor demand and growing U.S. supplies.
AgDay TV Markets Now: Jim McCormick with AgMarket.Net says the U.S. will need a major crop problem to overcome the poor demand in the June WASDE.
The WASDE made only adjustments but confirmed the U.S. isn’t competitive. So, grains turned traded weather, beans rallied with soybean oil. Cattle and hogs tried to recover. Jim McCormick. AgMarket.Net.
Corn market outlook for the next 5, 30 and 90 days.
Corn, wheat lower w/35 mb increase in new crop corn carryover, 6 mb in wheat, but the focus is on a wetter forecast. Soybean carryout up 15 mb but export biz, higher BO support. John Heinberg, Total Farm Marketing.
Corn and wheat mostly lower, on weather, report positioning. Soybeans up with an export sale & higher bean oil. Cattle and hogs try to stabilize after a two days of profit taking. DuWayne Bosse, Bolt Marketing.
AgDay TV Markets Now: Dave Chatterton with Strategic Farm Marketing says grains end higher Thursday on forecast and expanding drought on the Drought Monitor, and while cattle end lower the rally isn’t done.
The U.S. exported $14.38 billion in ag goods during April against imports of $16.28 billion.
Grains end higher on weather forecast, Drought Monitor, WASDE positioning. Cattle markets lower but did we confirm a top? Hogs consolidate after the recent recovery. Dave Chatterton, Strategic Farm Marketing.
Corn beans mixed w/bull spreading, WASDE positioning, exports & weather in play. Short covering in wheat w/global supply concerns. Did cattle top w/the key reversals? Hogs consolidating. Rich Nelson, Allendale.
July SRW futures fell 11 cents to $6.16 3/4, ending the day near the session low.
Cattle open higher then fade. Is the top in after yesterday’s key reversals & record cash? Hogs consolidating. Corn lower on better forecast, while soybeans see bull spreading. Scott Varilek, Kooima Kooima Varilek.
AgDay TV Markets Now: Jeff Hoogendoorn Says Hog Market Recovery May be Capped by Prop 12 Uncertainty
AgDay TV Markets Now: Jeff Hoogendoorn, Professional Ag Marketing says hog market recovery rally may be capped by Prop 12 uncertainty.
This proposal has been supported by more than 100 lawmakers and the dairy industry, who argue that children are more likely to drink milk if it has a better taste.
Markets mostly lower on commodity wide selling. Profit taking in hogs and cattle, despite record highs in cattle futures and No. cash. Grains also traded weather. Jeff Hoogendoorn, Professional Ag Marketing.
Corn & wheat see pressure on weather, report positioning, soybeans supported by meal and China hopes. Cattle and hogs see profit taking, even after record cash in NE at $190/$300. Allison Thompson, The Money Farm.
Grains mixed on weather, pre-WASDE squaring & talks resuming on Black Sea Grain deal. Live cattle make all-time highs again with cash up to $300. Hogs consolidate. Mark Schultz, Northstar Commodity.
Grains mixed on weather, pre-WASDE squaring & talks resuming on Black Sea Grain deal. Live cattle make all-time highs again with cash up to $300. Hogs consolidate. Mark Schultz, Northstar Commodity.
Grains higher except wheat trading weather, crop ratings, WASDE. Live cattle hit all-time highs chasing record cash, hogs continue to recover but how much upside is left? Brian Grete, Pro Farmer.
AgDay TV Markets Now: Brian Grete with Pro Farmer talks about what’s fueled the recent recovery in the hog market and how long it will last.
EPA will abandon a proposal to include the electric vehicle industry in the U.S. biofuel blending program, three sources familiar with the matter told Reuters.
Short covering and technical buying from the speculators were featured today after the corn market got a bullish surprise with Monday afternoon’s weekly USDA crop progress reports.
Grains lose ground as forecasted rain trumps crop ratings & Ukraine news, plus WASDE positioning. Cattle up 9th day on higher beef and record cash ideas, hogs follow. Chuck Shelby, Risk Management Commodities.
Cattle extend gains on record cash and ideas of higher money this week. Hogs see short covering. Grains up on crop ratings and Ukraine concerns. Brad Kooima, Kooima Kooima Varilek.
SovEcon raised its 2023-24 Russian wheat export forecast by 2.7 MMT.
AgDay TV Markets Now: Shawn Hackett says corn and soybeans trade extended weather but what kind of premium does the market need to put in if the rain doesn’t confirm?