The question now is was this just a correction of the oversold status in the cattle markets? While a higher weekly close is positive, Varilek says recoveries often come in three day waves.

DuWayne Bosse with Bolt Marketing says grains staged a surprise rally on news of China soybean buys but farmer selling pressure also subsided ahead of first notice day on Friday.

Hillari Mason with Pro Farmer says farmers had to roll or sell December futures or basis fixed contracts before Wednesday or risk delivery and so most of the commercial positioning is done which will take pressure off the market.

Mike Zuzolo with Global Commodity Analytics says the grain complex also saw some buying interest on the lower U.S. dollar index, which reacted to U.S. economic data.

Jamie Gieseke with Paradigm Futures says the weakness in the grain markets last week and to start this week was tied to liquidation and pricing of basis fixed contracts against December futures before the delivery period starts. Once that’s out of the way what is the next move?

Exports in the first 10 months of the year reached 329,000 tons, almost triple what they were for all of 2024.

Dave Chatterton with Strategic Farm Marketing says the soybean market is tired of rhetoric and wants to see results in the form of sales to China.

Brad Kooima with Kooima Kooima Varilek says cattle were limit down early Monday on news that Tyson Foods will be closing its Lexington, Neb. beef processing plant on Jan. 20 and the Amarillo, Texas plant will go down to one shift.

Gulke says after a reversal, he’s watching short-term technical indicators to determine if the corn market is going to continue to go lower.“

Chip Nellinger with Blue Reef Agri-Marketing says the soybean market has corrected its overbought status with the profit taking by the funds so the selling pressure may be over.