Skip to main content

06/09/2024 Sunday Market Preview

By The Commstock Report
Corn futures are called steady at the open while soybeans and wheat could face a quick push lower in follow up of weak closes on Friday. In the Headlines July corn futures held on to gains of 2 1/2 cents last week. July beans dropped 25 3/4 cents for the week. July Chicago wheat futures lost 51 cents last week and KC July was lower by 43. June live cattle finished up 62 cents last week while August feeders were down $1.47. June lean hogs were lower by $1.82. Friday's session featured a risk-off tone that followed from a monthly labor report that pressured the stock market and rallied the dollar index. It was "good news is bad news" for financial markets because better than expected jobs numbers were thought to support the central bank staying hawkish on monetary policy. The futures market shifted quickly after the report to show the odds of interest rates staying unchanged after the September meeting rising to nearly 50-50. Just one month ago, it was priced in to be nearly 70 percent likely that rates would fall by September. The Federal Reserve Bank will meet this week with new guidance published along with a…
Read More

06/01/2024 Sunday Market Preview

By The Commstock Report
Bids and offers look to be stacking up for a slightly softer start, at least for corn and soybean futures. Wheat futures closed the weak with a bearish tone, but sellers could be kept in check by dry weather persisting in Russia. In the Headlines Corn futures sold off last week with the July contract down 18 1/2 cents. July beans dropped 43 cents for the week. July Chicago wheat futures lost 18 3/4 cents last week and KC July was lower by 12 1/2. June live cattle finished last week down $2.15 while August feeders were down $3.82. June lean hogs were higher by 7 cents. A sharp break lower for international corn values has been led by prices in Argentina, where harvest has accelerated toward its halfway mark. Corn export prices in Argentina are about 2.5 percent lower than U.S. offers out of the Gulf, but the U.S. price is about 2.5 percent cheaper than Brazilian corn prices. As prices in Argentina fell last week, there was also news circulating about the Chinese government making the necessary approvals to import corn from Argentina. Along with cheaper corn from Argentina, a downturn for soybean prices in Brazil helped weigh…
Read More

05/27/2024 Monday Market Preview

By The Commstock Report
We remember and honor those who sacrificed their lives in service of our country on this Memorial Day. The market is closed for the holiday before grain futures will open again tonight at 7 pm central for the Tuesday session. Grains look to start with a slightly weaker tone in reflection of a drier forecast for most of the week. More severe weather broke out over the weekend, but there were breaks in the rains for many areas where planting needed to catch up. It will get too late for some as more final planting dates roll around this week. In the Headlines Corn futures finished firmer last week with the July contract up 12 1/4 cents. July beans gained 20 cents for the week. July Chicago wheat futures rallied 46 cents last week and KC July was higher by 59 1/2. June live cattle finished last week up $2.65 while May feeders were up $3.41. June lean hogs were lower by $2.22. The House Agriculture Committee advanced a new farm bill worth $1.5 trillion last week. Republican members were joined in support by Democrats from North Carolina, Georgia, and Illinois. There is doubt that the bill would survive a…
Read More

05/19/2024 Sunday Market Preview

By The Commstock Report
It will be another Monday where active planting progress over the weekend is weighed against a wet forecast for the rest of the week. It should ultimately lean bullish for the grains that the latest trader positions report showed there still being a considerable amount of short positions that could still be covered by the speculators. In the Headlines Corn futures finished lower last week with the July contract down 17 1/4 cents. July beans managed to hold onto gains of 9 cents for the week. July Chicago wheat futures dropped 12 1/4 cents last week and KC July was lower by 11 1/2. June live cattle finished last week up $4.90 while May feeders were up $7.92. June lean hogs were $1.40. Wheat futures faced pressure on Friday following the finish of the Kansas wheat tour, which led to the state's yield being predicted at 46.5 bushel per acre versus USDA at 38. The yield estimate is harder to peg than usual this year because of wider variability in expectations for harvested acreage. Tensions are on the rise again with China after President Xi Jinping welcomed Vladimir Putin to Beijing last week for a meeting that produced agreements on…
Read More

Sign Up For The Commstock Report

Sign Up Now to Improve Your Marketing and Protect Your Profits

Subscribe

Already a Subscriber?
Sign In