Martinson Ag Risk Management President Randy Martinson says crude oil has been the hottest market recently, with sharply higher energy prices helping lift soybean oil, soybeans and even corn. He notes that strength in crude has been providing much of the support for grain markets, although overnight trade weakened after President Donald Trump suggested a possible delay in a meeting with China’s Xi Jinping due to the war with Iran. On the downside, Martinson says cattle markets have been under significant pressure, largely because of rising fuel costs and broader weakness in outside markets. The Dow Jones Industrial Average has also been struggling as geopolitical tensions weigh on investor sentiment. Martinson says cattle futures are now testing major support levels and the market will need to stabilize soon to avoid further losses. Click here to listen to the full report.
