Markets - General
Chip Nellinger, Blue Reef Agri-Marketing, says it was a true money flow or “Get Me Out” day Friday. While it caused a short covering rally in grains, he’s not sure it can be sustained.
Commodity and financial markets saw another volatile week. What’s triggering it? Jerry Gulke, president of the Gulke Group points to a couple possible clues.
Grains sharply higher Friday, as livestock, financial markets and many other commodities melt down. It was a money flow or “Get Me Out” day says Chip Nellinger, Blue Reef Agri-Marketing.
Cattle futures were under pressure in the first half of the week but were able to stabilize yesterday. Is more relief in play or was yesterday just a dead cat bounce?
John Heinberg, Total Farm Marketing says USDA is slow playing it because the last two years they’ve ended up having to raise South American production after making cuts and they don’t want to do that again.
Grains end lower after a disappointing WASDE particularly South American numbers. John Heinberg, Total Farm Marketing, says corn and soybeans did technical damage opening the door for more fund selling.
USDA’s April WASDE report showed larger wheat and soybean ending stocks, but smaller ending stocks for corn. More surprising, still, was the lack of changes to South America’s crop estimates.
Scott Varilek, Kooima Kooima Varilek, says cattle futures are lower digesting BIAV news, while hogs recover, and grains are lower except corn following exports and South American crop estimates.
Mark Schultz, Northstar Commodity, says unfortunately it will take large production cuts in Brazil’s corn and soybean crop for prices to rally because of the large carryover in the U.S.
Grains end mixed trading weather and gearing up for production numbers from USDA and Conab. Mark Schultz, Northstar Commodity says livestock set back with the equities, with a bearish key reversal in hogs.