Markets Now with Michelle Rook

Soybean prices are at 3 1/2 to 4 year lows with a projected record crop on the way.  Chip Nellinger, Blue Reef Agri-Marketing, shares marketing advice in this low price environment for both old and new crop.  

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Old and new crop corn are close to contract lows with a record corn crop on the way. Tomm Pfitzenmaier, Summit Commodity Brokerage, discusses his marketing advice for farmers in this low price environment.  

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Corn and soybeans make more contract lows with fund selling.  Chip Nellinger, Blue Reef Agri-Marketing, says it was triggered by beneficial rains the last few days in the Corn Belt, anticipation Pro Farmer will confirm big yields in the Crop Tour and farmer selling of old crop bushels.  Wheat divorced itself from row crops on short covering but can it bottom without a pick up in demand?  Cattle saw more fund long liquidation with lower cash trade and hogs followed.  

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Grains all lower Friday morning.  Kent Beadle with Paradigm Futures says row crops are working in rains over the last 72 hours in the Corn Belt, anticipation of big yields in the Pro Farmer Crop Tour and increased farmer selling of old crop corn which has pushed September into contract lows.  Wheat has followed corn and soybeans.  Cattle are under pressure on fund long liquidation, despite several strong fundamentals including lower corn prices and higher boxed beef values. Hogs are following cattle lower, despite strong cash and cutouts.

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USDA provided some surprises for the wheat market in Monday's WASDE with a drop in production, acreage and ending stocks.  Randy Martinson, Martinson Ag, says the biggest changes came in Hard Red Spring Wheat production with a drop in production of 34 million bushels after most expected an increase and acreage was also lowered by 555,000 acres.  So what does this mean for price moving forward, especially with lackluster demand?  

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Another lower day in most of the grain markets with new lows in soybeans.  Tomm Pfitzenmaier, Summit Commodity Brokerage, says soybeans suffered from report hangover, strong crop rating and ideal August weather and that all weighed on the corn market as well and negated the key reversal. Plus, he says corn saw farmer selling after the higher close Monday.  Wheat was mostly lower even with a softer dollar as demand is still slow.  Cattle bounced but can the market build on it?  He says it might just be another selling opportunity for the funds.  Hogs continue in a downtrend with lower cash.  

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Grains are all lower with soybeans making new lows on USDA report hangover.  Randy Martinson, with Martinson Ag, says soybeans are also seeing pressure from strong crop ratings and forecasted rain.  That is spilling over and dragging down corn and wheat, despite flash export sales of both corn and soybeans this morning.  Cattle trade 2-sided as every uptick in the market seems to create an opportunity for funds to liquidate and he says the futures may test the December lows.  

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Soybeans make new lows after a bearish punch from the WASDE trying to digest not only record yield but a 560 million bushel ending stocks figure. Ted Seifried, Zaner Ag Hedge, says prices may have to go lower as a result.  The corn balance sheet ended slightly friendly with record yield but lower ending stocks by 25 million bushels and scored a bullish key reversal.  Seifried is cautious the market can build on it though.  Wheat ended mixed with winter wheat futures lower despite USDA lowering production and ending stocks by about 28 million bushels, which is not a good sign. Cattle ended lower failing to extend Friday's recovery rally.  

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Grains were mostly lower following the August WASDE but have since turned mixed.  Brian Splitt, AgMarket.Net says soybeans are seeing double digit losses and may have more down side as they were the bearish report leader.  USDA increased yield, production, harvested acres, plus ending stocks were up 125 million bushels.  Corn yield was also raised to a record 183.1 bpa but was offset by 700,000 less harvested acres so production was up only 47 million bushels and with an increase in old crop and new crop usage endind stocks fell 24 million bushels.  Wheat saw a higher yield but with 900,000 less harvest acres production fell 26 million bushels and ending stocks were down 28 million bushels.  What does all this mean for price?  

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New crop corn and soybeans continue to crack out new contract lows.  Oliver Sloup, Blue Line Futures, says the markets are preparing for higher yields in the August WASDE and he discusses how much bearishness is priced in. However, he was disappointed better export new failed to support soybeans.  Wheat looks like its trying to bottom he says perhaps pricing in global production concerns. Cattle stage a relief rally but can the market build on it? While Sloup says hogs are choppy and rangebound.    

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