DuWayne Bosse with Bolt Marketing says corn and soybeans saw profit taking after stretching to new highs for the move as the markets were overbought.

Craig Turner, with StoneX, says corn and soybeans saw some early pressure on profit taking after hitting chart resistance and some farmer selling was also noted, both from U.S. and South American producers.

Tomm Pfitzenmaier, Summit Commodity Brokerage, says corn and soybeans continued to see gains from strong technical closes on Friday and extending the report rally.

Brad Kooima, Kooima Kooima Varilek, says live cattle futures are consolidating which is healthy. Meanwhile, corn and soybeans make new highs for the move still digesting USDA’s bullish report data and the shocking cuts in yield, production and ending stocks.

Jim McCormick of AgMarket.Net, says South America is setting up for a record crop. “I think at this point Brazil will have a huge crop, 172 to 175 MMT, that’ll more than offset at what we lost here in the U.S.”

Jerry Gulke, president of the Gulke Group, says as of Friday’s report, USDA has dropped corn ending stocks nearly 1 billion bushels from their initial estimate during the February 2024 Ag Outlook Forum when the agency projected carryout at 2.532 billion bushels based on trend-line yield.

Shawn Hackett with Hackett Financial Advisors says it will be tough for corn to run to $5 because report just confirmed what the market already knew.

USDA lowered corn yield a whopping 3.8 bu. and soybeans 1 bu. which led to lower production and ending stocks.

Scott Varilek of Kooima Kooima Varilek says the cattle futures are digesting another week of record cash trade at $320 dressed, up $5 and the South traded some $200 live, up $4.
Grains are firmer ahead of USDA reports and 45Z guidance.

Allison Thompson with The Money Farm says corn has rallied nearly $1 and soybeans around 50 cents off the lows. So production and ending stocks will need to come in well under trade estimates in the USDA reports for prices to push higher.