Thursday morning, grains saw some fresh market moves, trading at contract highs.
As the day wore on, the market showed some resistance. For corn to hit $4.25 per bushel, Joe Vaclavik, president of Standard Grain, said this is a milestone as planting continues.
“I don’t know that there’s any news necessarily that helped to push the market lower late in the day, but nevertheless both markets [were unable to push through their previous highs,”he said on AgDay.
The soybean rally could be attributed to the trade relations between China and the U.S., signaling China will be back to the U.S. soybean market, according to Vaclavik.