Markets Today
Chuck Shelby, Risk Management Commodities, says grains close higher seeing fund buying and consolidation with the markets still digesting possible tariffs and South American weather.
DuWayne Bosse, Bolt Marketing, says corn and wheat are trying to recover Tuesday with fund short covering.
Mike Zuzulo, Global Commodity Analytics, says grains further corrected with funds liquidating in corn, soybeans and meal due to rains over the weekend in Argentina and more in the extended forecast.
Cattle hit record highs again and hogs follow, says Brad Kooima of Kooima Kooima Varilek. Grains break on South America weather and tariff concerns.
Dan Basse with Ag Resource, says grain markets set back on profit taking after running into chart resistance and news Argentina is lowering its export taxes on grains.
Scott Varilek, Kooima Kooima Varilek, says cattle futures are making record highs once again with cash in the North trading from $210 to $212 on Friday morning. Grains under pressure as Argentina lowers its export taxes on grains.
Craig Turner with StoneX says corn and soybeans rebounded Thursday and made fresh for the move highs on fund buying but South American weather and crop concerns are also supportive.
Chuck Shelby, Risk Management Commodities, says corn and soybeans saw profit taking after running into chart resistance on Wednesday but rebounded this morning adding back South America weather premium.
Ted Seifried with Zaner Ag Hedge says corn and soybeans saw a profit taking setback after making new highs for the move and hitting significant price objectives.
Arlan Suderman, chief commodities economist with StoneX, says a combination of factors supported the rally in grains, which all scored new highs for the move.