Soybeans ended sharply higher with USDA showing a game changing 4 million less acres. So where does that put ending stocks and prices? Corn picked up another 2 million acres so will that be offset by yield? Wheat acres and stocks tightened but does it mean much with poor demand? And cattle soared on the lower corn. Matt Bennett with Ag Market.Net has analysis.
Soybean Soar Working in 4 Million Less Acres, Corn Crumbles with Extra Acres: What Does it Mean for Ending Stocks and Prices?
Soybeans ended sharply higher with a 4 ma cut so where does that put ending stocks? Corn picked up another 2 ma so will that be offset by yield? Cattle soared on the lower corn. Matt Bennett with Ag Market.Net.
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Shawn Hackett of Hackett Financial Advisors says with wheat falling nearly $2 off the Sept. 2 contract highs, it isn’t a surprise that China and other buyers would see it as an opportunity to buy.
Darin Newsom, senior market analyst with Barchart, says the funds set the direction of the trend the problem is they have skewed the markets to the point that the real fundamentals in agriculture don’t really matter.
Mark Schultz of Northstar Commodity, says the corn market may be running out of sellers as the funds have liquidated a big chunk of their long position. However, it is too early to call a bottom with corn harvest still underway.
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