Markets Today
Chuck Shelby with Risk Management Commodities says the uncertainty in the grain markets caused some risk off selling by traders but futures ended off session lows.
Brad Kooima of Kooima Kooima Varilek says the grain and cattle futures are reacting negatively to the uncertainty tied to the Iran conflict.
Naomi Blohm with Total Farm Marketing says the higher monthly closes for all the grains were bullish and there are several factors that need to come together for it to continue.
Soybeans recovered on Tuesday on market talk that China was looking to buy soybeans off the Pacific Northwest says Jim McCormick with AgMarket.Net.
Grain and cattle futures ended mostly lower on Monday caught up in money flow and the selloff in the stock market tied to tariff concerns says Mike Minor with Professional Ag Marketing.
Brad Kooima with Kooima Kooima Varilek says the USDA Cattle on Feed report was providing some support. The on feed number came in at 98% of a year ago, placements were at 95% which was below trade estimates and marketings were at 87%.
Shawn Hackett with Hackett Financial Advisors says the market fears that China will use the ruling as leverage to get out of its trade framework struck with the U.S. on Oct. 30 and that could include its soybean purchase commitments.
Scott Varilek with Kooima Kooima Varilek says the cattle market is also awaiting cash direction.
Sam Hudson with Corn Belt Marketing says the wheat and soybean market continue to see fund buying, but corn can’t follow. Corn is repeating the same trend it exhibited last year at this time.
Brad Kooima of Kooima Kooima Varilek says cattle futures are getting overbought and ran into another layer of chart resistance Wednesday but higher cash could push the market to new highs.