Wheat futures rallied on Thursday adding weather premium with expanding drought and a mostly dry forecast for the Western third of the Plains says Naomi Blohm of Total Farm Marketing.
DuWayne Bosse with Bolt Marketing says funds are buying and covering short positions due to expanded drought in hard red winter wheat country on Thursday’s U.S. Drought Monitor and the lower crop conditions.
Rich Nelson with Allendale says while he doesn’t agree with it, the corn market was seeing some weather premium added on concerns about planting delays which takes away the argument for record acreage.
Brian Grete with CommStock Investments says soybeans were higher Wednesday on optimism about the mid-May meeting with China and corn was following.
A 75-year low in U.S. inventory and restricted Mexican imports are tightening supplies. As grilling season nears, strong demand and record cash trades continue to propel the market despite geopolitical tensions.
According to Tommy Grisafi of Nesvick Trading money flow the last two sessions in the outside markets had a huge impact on ag markets.
Mark Schultz with Northstar Commodity says the grains and energy sector started higher on war headlines but peaked out quickly by mid session acting like it wasn’t that concerned about the war.
Live cattle futures made new and all-time contract highs on Friday with the April contract closing above $250.
Don Roose with U.S. Commodities say soybeans followed meal and hold a premium on hopes of China business.
Scott Varilek with Kooima Kooima Varilek says the cattle market has been impressive and resilient.