Ted Seifried, Zaner Ag Hedge, says funds have covered most of their record short position in grains and they are not likely to go long.

Tomm Pfitzenmaier with Summit Commodity Brokerage, says historically, when corn and soybeans have a fall rally in August and September the markets top out in the October.

Randy Martinson, Martinson Ag, says funds continue to cover shorts in the grain markets but there are some fundamentals also helping to support the rally.

Kent Beadle, Paradigm Futures says corn continues to move higher on fund buying and tighter corn stocks from USDA’s Quarterly Stocks Report. He thinks corn could eventually take out resistance on the charts and move higher.

Chip Nellinger, Blue Reef Agri-Marketing, says most of the strength in corn and wheat was due to end of quarter fund short covering.

Jim McCormick, AgMarket.Net says the corn stocks were friendly under expectations at 1.76 billion bushels due to better feed demand and that data is supportive for the corn market.

Joe Kooima, Kooima Kooima Varilek, says grains and livestock futures are trading mixed as traders position and take profits end of quarter and await the USDA report numbers out at 11 am.

Naomi Blohm, Total Farm Marketing, says corn and soybeans have rallied into chart resistance and will need three main fundamental factors to combine to keep prices moving higher.

Vince Boddicker with Farmers Trading Company says soybeans continue to see Brazil weather concerns and technical buying. When soybeans put in an early harvest low they tend to rally around 80 cents and have cleared that mark already. However, if Brazil stays dry the market could continue to price that in.

Scott Varilek, Kooima Kooima Varilek, says cattle futures reversed with $2 higher cash in Southern feedlot areas. Grain markets ended lower as fund short covering was overrun by an increase in farmer selling.