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Commodities under pressure out of holiday weekend

Commodities are under pressure coming out of the Fourth of July weekend.

Analyst Christian Mayer with Northstar Commodity in Minneapolis says good weather for most of the Midwest and negativity from outside markets are driving corn, soybeans and wheat lower.

“I think it’s a liquidation market.  I think the funds that were long are getting out, and we’re not seeing a big weather problem.  So with someone who had been a really strong buyer in the market is now becoming a seller.  And you don’t have enough demand right now to pick up that slack.”

He tells Brownfield markets don’t like uncertainty and there’s plenty of it right now.

“We still have some ramifications from Brexit and whatnot, still figuring out how that will effect the world markets, currencies and all that.”

Mayer says prices are at levels that haven’t been seen for a while, and a big question is at what point do buyers decide to get back into the market.