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.

The Farmer First Fuel Incentives Act has been introduced in both the Senate and the House. A bipartisan group of lawmakers has proposed extending the 45Z tax credit through 2034.

Matt Bennett, AgMarket.Net, says the market has been resilient as the funds are exiting shorts and taking profits end of quarter.

Grains started out mostly lower Wednesday but Darin Newsom with Barchart says they continue to see buying on the dips as funds are covering shorts and taking profits.

Kevin Duling, KD Investors, says it wasn’t the best close for the grains as the markets ran up into some chart resistance and are starting to look a little tired.

Randy Martinson, Martinson Ag, says funds are covering shorts and there is new technical buying as well as the markets have cleared some key chart resistance.