Chicago Wheat Commodity Markets, Prices & Futures
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Latest News From Chicago Wheat
Brad Kooima of Kooima Kooima Varilek says the cash cattle market put in a low last week and futures were sharply higher so the market just feels better. Soybeans and corn may have put in seasonal lows but he cautions further upside may be capped by harvest pressure.
Corn and wheat ended higher for a third week, while soybeans have put in four weeks of higher closes. Alan Brugler thinks wheat might be trying to forge a low, but it might be too early to make that call on corn and soybeans.
Scott Varilek with Kooima Kooima Varilek says early cash has been steady at $181 in the South helping to push cattle futures. Row crops are extending gains post WASDE, while wheat adds weather premium.
Dave Chatterton, Strategic Farm Marketing, says soybeans saw profit taking with better than expected ratings, reigniting fears of higher yields in the September WASDE. Corn saw spillover from lower soybeans and crude oil.
Arlan Suderman, Chief Commodities Economist with StoneX, says record yields may already be priced into the market but USDA will need to verify that or corn and soybeans may retest the lows.
Arlan Suderman with StoneX talks about what he’s watching for in the WASDE and harvest results to determine if harvest lows have been forged in corn and soybeans.
Garrett Toay, AgTraderTalk says grain markets scored reversals Friday on profit taking by fund traders after hitting key chart resistance. However, it was triggered by the bearish outside markets and caution ahead of the September WASDE Report.
Garrett Toay, AgTraderTalk, says bearish outside markets spilled over to cause risk off selling in grain and livestock futures Friday, but grain markets says some profit taking and positioning ahead of the WASDE.
Darin Newsom with Barchart says grains have had a good run on fund short covering and will need some new bullish news to keep going and get above chart resistance.
The new numbers show that net farm income will fall $6.5 billion or 4.4%. This is compared to projections released in February suggesting it would fall 26%.