Jim McCormick with AgMarket.Net says corn and soybeans rally on weather and technical buying.  Will the funds keep buying and covering their near to record short position to keep prices moving higher or will farmer selling cap a rally?  Wheat falls with the bigger spring and winter wheat yields. Cattle work in higher cash and GDP, while hogs consolidate after hitting chart resistance.  

Jim McCormick with AgMarket.Net says corn and soybeans rally on weather and technical buying.  Will the funds keep buying and covering their near to record short position to keep prices moving higher or will farmer selling cap a rally?  Wheat falls with the bigger spring and winter wheat yields. Cattle work in higher cash and GDP, while hogs consolidate after hitting chart resistance.

Michelle Rook talks daily with industry analysts to break down agricultural and commodity markets. 

Michelle Rook talks daily with industry analysts to break down agricultural and commodity markets.

Markets Now with Michelle Rook

Michelle Rook talks daily with industry analyst to break down agricultural and commodity markets. 

Michelle Rook talks daily with industry analyst to break down agricultural and commodity markets.

Markets Now Closing Markets -7-25-24 Audio

Darren Frye, Water Street Solutions, says grains sell off on Friday on profit taking heading into the weekend, a change in the weather and a bearish biofuels ruling.  Corn and soybeans did technical damage on the daily charts, but if forecasted rains don't materialize could the markets shoot right back up Sunday night?  Both classes of winter wheat make new contract lows under the pressure of ample supplies.  Cotton also made news contract lows again.  Meanwhile, live cattle new highs for the move on the heels of $2 higher cash and then ended mixed.  

Darren Frye, Water Street Solutions, says grains sell off on Friday on profit taking heading into the weekend, a change in the weather and a bearish biofuels ruling.  Corn and soybeans did technical damage on the daily charts, but if forecasted rains don't materialize could the markets shoot right back up Sunday night?  Both classes of winter wheat make new contract lows under the pressure of ample supplies.  Cotton also made news contract lows again.  Meanwhile, live cattle new highs for the move on the heels of $2 higher cash and then ended mixed.

Markets Now Closing Markets -7-26-24 Audio

Grains see end of week profit taking on some rain chances creeping into the extended forecast.  Darin Newsom with Barchart says this is typical in a weather market but the recent rally has also been fund short covering.  So he is watching the monthly closes as there is a positive change in trend for corn and soybeans if they close higher and that could bottom the market.  He is also watching the reallocation of money in outside markets including the stock market and what that might mean for ag markets.  Plus, the PCE was positive but does it give the Fed the ammunition they needs to lower rates?  

Grains see end of week profit taking on some rain chances creeping into the extended forecast.  Darin Newsom with Barchart says this is typical in a weather market but the recent rally has also been fund short covering.  So he is watching the monthly closes as there is a positive change in trend for corn and soybeans if they close higher and that could bottom the market.  He is also watching the reallocation of money in outside markets including the stock market and what that might mean for ag markets.  Plus, the PCE was positive but does it give the Fed the ammunition they needs to lower rates?

Markets Now Early Markets 7-26-24

Livestock are mostly lower early Thursday except for nearby live cattle.  Scott Varilek of Kooima Kooima Varilek says cash cattle trade has been steady so far in the South at $188 and the August futures are trying to converge so that has led to some bull spreading.  Feeder cattle are under pressure with higher corn and a cooling cash index.  Hogs are consolidating despite strong exports.  The market has had a nice rally that was pushed by higher cash and cutouts so its taking a break.  Row crops are higher on fund short covering and the addition of some weather premium, plus demand has started to pick up with a flash sale of nearly 10 mb of new crop soybeans.

Livestock are mostly lower early Thursday except for nearby live cattle.  Scott Varilek of Kooima Kooima Varilek says cash cattle trade has been steady so far in the South at $188 and the August futures are trying to converge so that has led to some bull spreading.  Feeder cattle are under pressure with higher corn and a cooling cash index.  Hogs are consolidating despite strong exports.  The market has had a nice rally that was pushed by higher cash and cutouts so its taking a break.  Row crops are higher on fund short covering and the addition of some weather premium, plus demand has started to pick up with a flash sale of nearly 10 mb of new crop soybeans.

Markets Now Closing Markets -7-25-24 Audio

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