Corn
Nitrogen availability, root development and residue load determine whether crops stumble or race through June.
A case of New World Screwworm (NWS) only 52 miles from Texas was reported by USDA on Thursday making it the closest detection to the U.S. to date. Brad Kooima with Kooima Kooima Varilek says that is pressuring cattle futures.
The row crop and cotton markets saw some early support Thursday from a rally in crude oil as doubts about the peace deal with Iran came into question.
FTC chairman Andrew Ferguson announced a formal investigation Thursday into fertilizer pricing and market concentration, drawing a standing ovation from farmers representing 18 states.
From dropping phosphorus to switching from corn acres to soybeans, growers are navigating a difficult “recipe for success” as fertilizer prices remain high and grain markets soften.
Grains markets were mostly higher Thursday morning except hard red winter wheat following a bounce in crude oil says Mike Minor with Professional Ag Marketing.
Corn and wheat futures saw more fund selling and long liquidation end of month but it was triggered by war headlines. Chuck Shelby with Zaner Ag Hedge says those markets continue to remove risk premium.
Corn futures are lower again on Wednesday following the easing crude oil market as Iran peace talks continue to progress. What’s holding up soybeans and cattle?
Alan Brugler with A&N Economics, Inc. says the grain market traders are cautiously optimistic a cease fire or peace deal between the U.S. and Iran is near and took out war premium Tuesday.
Joe Kooima with Kooima Kooima Varilek says at least initially it looks like the cattle futures had already anticipated the negative report data with the sell off late last week.