Market Analysis
Brady Huck with Advance Trading says corn and soybeans continue to see profit taking and consolidation after the recent run off the August lows. Currently both markets are testing key support that needs to hold.
Jim McCormick with AgMarket.Net says corn saw some profit taking after hitting chart resistance as the December contract neared $4.25, which coincided with the 38% retracement level.
Rich Nelson, Chief Strategist with Allendale, Inc. says corn was lower Wednesday, seeing some profit taking after getting overbought but the rest of the grain and livestock complex were also lower.
Mike Zuzolo, Global Commodity Analytics, says soybeans saw risk off selling as China aligned itself with Russia and India, which signals no deal between the U.S. and China any time soon.
Brad Kooima of Kooima Kooima Varilek says live and feeder cattle futures are back into new contract and all-time highs after showing considerable resilience last week and despite a selloff in the equities. Grains sell off on tariff concerns.
Gulke says next week’s action in corn futures is important because a continued rally could provide the first buy signal in the corn market in over six months.
Chip Nellinger, Blue Reef Agri-Marketing, says grains rallied with corn leading the charge on end of month short covering and ahead of a long holiday weekend.
Scott Varilek with Kooima Kooima Varilek says live and feeder cattle futures saw end of month profit taking on Thursday and some follow through selling to start Friday.
Don Roose, U.S. Commodities, says grain futures all ended slightly higher Thursday with end of month positioning and profit taking.
DuWayne Bosse with Bolt Marketing says the grain markets saw selling pressure from a stronger dollar and some liquidation ahead of first notice day on Friday and on end of the month liquidation.
Mark Knight of Farmers Keeper Financial says corn is drifting lower with some end of month profit taking and after having digested the lower yield estimates from the Pro Farmer crop tour.
Oliver Sloup of Blue Line Futures says corn has consolidated the last two sessions after hitting chart resistance at $4.17 and may wait for combine results before taking out that level.
Randy Martinson with Martinson Ag says corn is drifting Tuesday with some consolidation after hitting chart resistance on Monday and with liquidation ahead of first notice day on Friday and the end of the month.
Vince Boddicker with Farmers Trading Company says soybeans sank on profit taking and could see further liquidation going into first notice day and end of the month.
Brad Kooima of Kooima Kooima Varilek says live and feeder cattle futures gapped lower on the opening after a human case of New World screwworm (NWS) was announced over the weekend.
Pro Farmer economist Lane Akre says corn and soybeans posted higher weekly closes and should be able to build on that next week with the push from the lower yield and production estimates from the Pro Farmer Crop Tour.
Scott Varilek, Kooima Kooima Varilek, says cattle fundamentals look supportive through fourth quarter, while corn and soybeans are running into chart resistance.
Jerry Gulke, president of the Gulke Group, says he was as surprised with USDA’s 188.8 bushel per corn acre yield as anyone, but their demand projections were even more surprising.
Mark Schultz, Northstar Commodity, says corn December corn closed above the $4 level on Friday and was nearly steady for the week.
Scott Varilek with Kooima Kooima Varilek says the big losses in the cattle market on Thursday were tied to concerns ahead of USDA’s New World screwworm (NWS) announcement. Grains are bouncing on value and technical buying.
Mike Minor with Professional Ag Marketing says he’s been impressed with how well the corn market has digested Tuesday’s bearish yield and production news.
Darin Newsom, senior market analyst with Barchart, Inc. says fund or managed money traders have stepped back in as the market is coming back to the reality that the grain fundamentals are bearish.
Chuck Shelby, Risk Management Commodities, says soybeans were higher still digesting the positive news from the WASDE report and pulled corn higher. While he thinks this is bottoming action in the soybeans but what about corn?
Kent Beadle with Paradigm Futures says corn is following the soybean market early Wednesday after USDA shocked the market with a record 188.8 bu. yield and 2 million more harvested acres. So did the report bottom the markets?
Brian Splitt with AgMarket.Net says new crop corn fell to contract lows after the August WASDE in reaction to USDA’s eye-popping 188.8 bushel per acre corn yield. However, soybeans rallied with ending stocks falling under 300 million bushels.
Jeff Hoogendoorn with Professional Ag Marketing says the grain markets were lower on China disappointment. Lean hogs continue to be supported by lower slaughter figures which could be a tailwind into 4Q.
Arlan Suderman, chief commodities economist with StoneX, Inc., says soybeans led the rally with nearly 24-cent gains in November on hopes for China export business. But the market may have gotten ahead of itself.
Brad Kooima of Kooima Kooima Varilek says there were signs in the cattle market prior to Friday’s sell-off indicating the market might be getting toppy. However, does the market negate the reversals like it has in the past?
Grain markets failed to extend Thursday’s gains after hitting chart resistance and fear of record yields in the Aug. 12 WASDE. However, Shawn Hackett of Hackett Financial Advisors, says the market may have already priced in the biggest yields.
New crop corn closed lower for the week and made new contract lows but there was at least one silver lining in the technical action according to Jerry Gulke, president of The Gulke Group.