Market Analysis
Corn and soybeans rally Thursday putting in some weather premium but may have reached a value level which is uncovering strong end user demand.
Jeff Hoogendoorn, Professional Ag Marketing, says corn and soybean may have dialed in the biggest yield and with hot dry weather trimming yield and demand picking up the markets could see more buying.
Cattle set back on lower early cash and cutouts, while hogs turn mixed after early gains tied to strong weekly exports.
Tommy Grisafi, Advance Trading, says rain in the Corn Belt stopped a three day rally in soybeans, while corn failed even after a key reversal on Tuesday.
Tommy Grisafi, Advance Trading, says soybeans and corn fade flash export sales, also see First Notice Day liquidation. While wheat may be bottoming as quality issues develop in Hard Red Spring wheat.
Wheat sees short covering Wednesday and tries to rally with corn after key reversals Tuesday in both markets. Soybeans take a break on Midwest rains. However, Craig Turner with StoneX thinks long term lows are close.
Corn and wheat score key reversals after making new contract lows, while soybeans continued higher for a third day.
Soybeans close higher for a third session still putting in weather premium. Cattle and hogs also saw strength with end of month and quarter positioning.
Corn sees short covering as well with lower crop ratings by 2% and Mexico buying around 5 million bushels of new crop U.S. corn.
Soybeans and products were all higher on Monday, while corn continued to see technical selling and long liquidation ahead of first notice day on Friday.
Cattle shook off a bearish a Cattle on Feed placements number, while hogs consolidated. John Payne with Advance Trading, discusses where the markets head next.
Cattle getting some help from ideas the cash market may be close to a bottom. Grains continue to digest Pro Farmer Crop Tour results and weather.
Pro Farmer confirms record soybean crop and bumper corn crop. What does that mean for the harvest and post-harvest outlook for the market?
Pro Farmer Lowers Corn Yield and Production From USDA’s August Estimate, But Raises Soybean Yield and Production to Record Levels.
Newsom looks at when corn and soybeans normally put in a harvest low and if that changes when there are predictions for bumper crops.
Low Feed Prices Make Cattle Margins Attractive
A Harris administration would likely continue the “climate-smart” initiatives in the Inflation Reduction Act, but a second Trump administration would put the future of sustainable aviation fuel in question and extend the use of liquid fuels.
Chip Nellinger, Blue Reef Agri-Marketing, says time is running out on old crop sales.
Excess old crop supplies of corn need to be moved before a record crop is harvested. Tomm Pfitzenmaier of Summit Commodity Brokerage shares some options.
Markets will look for confirmation of record yields from the tour for direction.
Wheat sees a short covering bounce, while cattle fall with fund liquidation and lower cash.
Farmer Selling of Old Crop Corn Pushes September Into New Contract Lows
Agency Makes Adjustments to Spring Wheat Production and Acreage.
Soybeans Make New Lows But Can They Find Support at $9.50 on November?
Bears are trading the idea that big crops, get bigger. Meanwhile, cattle rebound on lower corn.
Cattle Rebound But Will the Funds Use This Strength to Liquidate Long Positions?
And How Low Do Soybeans Have to Go To Price in a 560 Million Bushel Carryout?
Where Do Prices Go Now to Work in The WASDE Numbers?
USDA Raises Yield and Harvest Acres on Soybeans, Resulting in Ending Stocks 125 Million Bushels Higher Than July.
The Funds Push Corn and Beans Into New Lows but Have They Over Shot Heading Into the August 12 WASDE?