Markets Today
Darren Frye, Water Street Solutions, says corn, wheat and hogs reacted negatively to the 25% tariffs being imposed on Canada and Mexico on March 4.
Brad Kooima of Kooima Kooima Varilek says cattle futures recovered nicely from Friday’s selloff with some contracts making new highs for the move, pricing in record cash cattle trade. Grain markets are seeing fund buying with soybeans and meal leading on dry weather forecasts for Argentina.
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Ag markets are mostly lower Monday except cattle and nearby soybeans. The record cash cattle trade is trumping the bearish Cattle on Feed Report, says Scott Varilek, Kooima Kooima Varilek.
2023 was a lower year for all the grains as the market went through a commodity reset similar to 2013. What’s ahead for 2024?
AgDay TV Markets Now: Brad Kooima, Kooima Kooima Varilek, recaps a record year in the cattle market and discusses if new highs are possible in 2024.
Generally, the December WASDE sees very few changes as USDA leaves major revisions until the final report in January. However, USDA did lower ending stocks in corn and wheat, as well as cut Brazil soybean production.
Cattle mostly higher with steady cash, hogs mixed with disappointing exports. Grains start lower with slow exports and sharply lower BO. Scott Varilek of Kooima Kooima Varilek has analysis.
Brad Kooima, Kooima Kooima Varilek, says the cattle market has just felt better the last week with cash finally bottoming and futures posting a higher weekly close.
Rich Nelson of Allendale says corn and soybeans showed resilience rallying into the close on strong demand. However, he thinks it may be exporters front loading their purchases. Cattle reverse in reaction to the McDonald’s E.coli story.