Brazil

Joe Kooima of Kooima Kooima Varilek says the funds were liquidating long positions on the open Friday after President Donald Trump said the administration was working on a plan to lower beef prices. Some of it was triggered by algorithm trades that key their formulas off headlines.

Kevin Duling of KD Investors says soybeans saw some short covering and technical buying but got a fundamental push from rising Brazilian basis levels.

In its preliminary estimate, Conab forecast Brazil’s soybean acreage would increase 3.6% to 49.08 million hectares (121.2 million acres).

Scott Varilek, Kooima Kooima Varilek says the feeder futures have put on $22 this week and were due for a correction but still project to $388. Grains see pressure from China trade news.

Mark Knight, Farmer’s Keeper Financial, says soybeans are back higher early Tuesday on light technical buying but awaiting details of the Trump administration’s farmer aid package.

DuWayne Bosse, with Bolt Marketing says he was surprised at how well the corn market is handling the harvest pressure that is ramping up across the Corn Belt.

Craig Turner with StoneX says corn and soybeans saw additional profit taking Thursday and pressure from harvest pressure and record soybean production estimates for Brazil.

U.S. corn growers and ethanol producers once enjoyed a level playing field with Brazil.

Brazil’s environmental authorities seized around 7,000 illegal head of cattle in the Amazon and issued fines to several ranchers and slaughterhouses.

President Trump is poised to impose some of the highest tariffs among trading partners on Brazil.