Market Analysis
Grain markets are continuing to consolidate as it appears the market is looking for new news to give it it’s next direction.
Jerry Gulke says he’d like to see another higher weekly close next week to help confirm the bottom is in the soybean market as well as a close above $12. A higher monthly close would be even more convincing.
Grains are firm in the early morning trade, knocking on the door of some significant resistance levels.
In today’s 2 minute drill, we zoom in on the monthly chart of May corn futures. We saw a nice pop off of the contract lows in late February, but have been stuck in a 10 1/2 cent range since then.
Grains lower on profit taking after corn and beans hit resistance, plus farmer selling & report positioning. Cattle bounced, while hogs set back with lower cash and cutouts. Ted Seifried, Zaner Ag Hedge, has more.
Corn and soybeans post higher weekly closes. Does this finally confirm a low? Bryan Doherty says corn “hasn’t turned all the way yet” and soybeans likely will experience pressure from Brazil’s harvest and prices.
Corn and wheat rallied on end of month profit taking by the speculative traders, while soybeans and cattle faltered. Arlan Suderman with StoneX has details.
Jon Scheve discusses the likelihood of a market rally, and what needs to happen for it to become a reality.
Grain markets are attempting to recover some lost ground in the early morning trade, will the strength last through today’s session?
USDA’s Ag Outlook Forum in Washington, D.C., this past week confirmed growing stocks in 2024/2025. Analysts say without a sudden supply disruption, the commodity price outlook remains grim.