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Remnants of Hurricane Francine produced significant rains across the northern Delta and Tennessee River basin, but World Weather Inc. says water levels on the lower Mississippi river will rise for only a few days before falling again.

Mark Schultz, Northstar Commodity, says wheat led the grain complex lower after better rain forecasts for U.S. and Black Sea production areas, but all the grain markets ran into chart resistance.

The effects are already visible, with declining French barley exports to China and the U.S. struggling to sell corn for the new season.

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.

Cattle futures traded into technical resistance late last week but failed to stage a breakout move. Does the market have enough gas in the tank for more upside?

Jon Scheve discusses the highlights from last week’s USDA report and where corn and bean prices are likely to go in the next few months.

Weekly overview of ag commodity market news and price action compiled by Austin Schroeder with Brugler Marketing. Not intended as trading advice. Actions taken are responsibility of the reader.

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