Markets Today
Mark Schultz with Northstar Commodity says strong demand continues to support corn and soybeans but it hasn’t been enough to push prices above chart resistance.
Joe Kooima of Kooima Kooima Varilek says grains are seeing support from strong demand and more export business. Cattle consolidate with election uncertainty, while hogs rebound from early weakness in all but the December contract to make new highs.
Scott Varilek with Kooima Kooima Varilek says corn and soybeans were supported by strong demand initially but ended off highs running into chart resistance and on election jitters. After another volatile day in cattle is the market topping?
Darin Newsom, Sr. Market Analyst with Barchart says some of the early support in the grain markets Friday morning is coming from strong export demand.
Joe Santos, Director of the Ness School of Management and Economics at SDSU, says, “Interest rates if they remain relatively high compared to history I think that will continue to tighten economic performance in general including agricultural performance.”
Mike Minor with Professional Ag Marketing says soybeans saw a nice short covering bounce on the heels of a rally in soybean oil and more flash export sales to China and unknown.
Mike Zuzulo, Global Commodity Analytics, says wheat led gains putting in risk premium on the low crop rating which triggers some short covering and corn followed.
Grain futures are seeing corrective buying, bouncing off technical support says Kent Beadle with Paradigm Futures.
Arlan Suderman with StoneX says grains saw technical and risk off selling from sharply lower crude oil. However, improved rains in South America were also a factor.
Cattle are trading two-sided early as Brad Kooima of Kooima Kooima Varilek says the market is digesting the USDA Cattle on Feed Report. Grains are seeing pressure from a number of bearish factors.