Markets Now with Michelle Rook

What price ratios are impacting planting decisions?  Allison Thompson with The Money Farm has the answer.

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What will farmers plant in 2024 and what is the markte telling them to plant?  Randy Martinson, Martinson Ag, shares insight and expecatations for the Northern Plains.  

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Cattle close higher Monday reacting to near to record cash prices.  However, the market fails to take out last week's highs and negate chart reversals.  Has the cattle market scored an intermediate top?  Or will prices take out the record highs in 2023?  Scott Varillek, Kooima Kooima Varilek, has the answers.  

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Corn and soybeans end higher on Friday with fund short covering and soybeans reversing after a record NOPA crush figure at 186.2 mb.  Soybeans ended higher for the week and look like the funds will continue to take profits off the table heading into USDA reports and end of month and quarter.  Corn was slightly lower for the week as it continues to be held back by wheat which sank again on China cancellations of U.S., Australia and French wheat.  Cattle rebounded Friday and were higher for the week with near to record high cash trade but is the market signaling a top?  Meanwhile, crude oil close above $80 and may see more inflationary buying.  Chip Nellinger, Blue Reef Agri-Marketing, has the details.  

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Cattle try to recover after a poor technical day Thursday which featured reversals despite higher cash trade.  So did this signal an intermediate high?  Hogs are rangebound. Grains also had poor technical closes hitting resistance and failing.  Soybeans are seeing follow through selling, while corn is trying to rebound but all the grains are looking for fresh news.  Scott Varilek, Kooima Kooima Varilek, has details.  

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Grains end lower on Thursday even soybeans after May ran up to aroudn $12.17 and then ran into chart resistance and saw farmer selling or hedge pressure.  However, the lower wheat market also drug down beans.  Wheat fell as China cancelled 1 mmt of Australian wheat, after cancellations of French and U.S. wheat earlier.  Jim McCormick, AgMarket.Net says its likely China is switching to Russian wheat as it has fell below $200/metric ton.  The lower wheat market also weighed on corn but it too hit chart resistance.  Live cattle made new highs for the move before seeing profit taking and hedge pressure with risk off from a higher dollar also a factor.  

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Grains all lower even soybeans which gave up the early rally above $12 on profit taking and farmer selling.  Wheat pressured by poor exports and Russia competition, which pulled down corn.  Allendale also releasing their annual acreage survey, we look at the results with Rich Nelson. Cattle also make new near term highs then fail.

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Wheat is lower on poor exports, China's cancellations of French wheat and Russia dumping wheat at below $200/metric ton on the world market.  That has drug down corn but it also hit chart resistance despite good export news.  Soybeans are seeing fund shortcovering and help from higher products.  Cattle extend gains on strong demand.  Crude oil has also move above $80 in nearby contracts.  Darin Newsom, Barchart Senior Market Analyst, has more.  

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Corn and soybean end nearly steady after taking another run at $12 on soybeans and $4.45 to $4.50 on corn which served as resistance on the charts.  Plus some farmer selling has capped the rally.  However, Don Roose, U.S. Commodities, says the markets have stopped going down and are adding risk premium.  Wheat fell with China cancelling French wheat. Live cattle make new highs for the move, while hogs see some profit taking and hedge pressure.  

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Grains see early pressure with profit taking as corn and soybean contract have run into chart resistance but are also seeing a bump in farmer selling.  China economic news is also bearish.  Wheat seeing pressure from lower Russian wheat prices and fear of more China cancellations.  Cattle extend Tuesday's gains with help from higher boxed beef and still within a trading range.  Hogs are seeing profit taking and hedge pressure.  Kent Beadle, Paradigm Futures, has details.  

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