There's now a 60% chance La Niña will develop between June and August and an 85% chance it's in effect by November 2024 to January 2025, according to NOAA.
Despite being lower for the week, the grain markets all closed higher on Friday and might have been putting in risk premium says Jerry Gulke, president of the Gulke Group.
As drought deteriorates across the U.S., it's a positive signal for growing a big crop in 2024. And analysts say if weather continues to fuel this year's crop, December corn futures could fall into the $3 range by fall.
Grains close higher on short covering and putting in some risk premium. Live cattle ended higher with steady Southern cash. Hogs broke above chart resistance. Rich Nelson, Allendale, Inc. covers it all.
USDA said this week cow-to-cow transmission is a factor in the spread of avian flu in dairy herds, but it still does not know exactly how the virus is being moved around.
Weekly overview of ag commodity market news & price action compiled by Austin Schroeder with Brugler Marketing. Not intended as trading advice. Actions taken are responsibility of the reader.