Market Analysis
This past week, USDA reported a soybean sale of 3.89 million bushels to China and another 4.4 million bushels to unknown destinations during the 2023/2024 marketing year.
Grain markets had a strong day yesterday but were unable to find follow-through buying in the overnight and early morning trade. Will technical support hold?
Cattle futures came out strong on Monday but failed to find any follow-through in Tuesday’s trade. Outside markets are seeing a risk on trade following a cooler CPI report. Will that act as a tailwind in today’s trade?
Grain markets were firm in the early morning trade but faded into the afternoon to settle lower, Cattle futures were strong to start the week but failed to find follow-through in today’s trade
The lack of new headlines regarding bird-flu over the weekend coupled with June futures entering delivery may have been the big reasons for Monday’s rally, with seasonal tailwinds adding an extra boost.
Corn futures are testing Friday’s high, a move out above here could be enough to spark another wave of short covering ahead of tomorrow’s WASDE report.
Weekly overview of the agricultural commodity markets compiled since 2003 by Brugler Marketing & Management of Omaha Nebraska. Not intended to be financial advice.
“It’s like farmers threw in the towel after getting sick of waiting for better prices or realized they’re going to need bin space,” says Jerry Gulke. He shares four points that might mean lower prices aren’t over yet.
Corn and soybean futures prices saw big rallies in Thursday’s trade but have so far failed to find any follow-through to the upside. Was Thursday’s trade just a relief rally or is there more upside to come?
Livestock futures remained under pressure in yesterday’s trade, will today be more of the same or will the lower prices spur some buying interest?