Grain markets are seeing value and technical buying but Kent Beadle of Paradigm Futures says the rebound in soybeans is supported by a recovery in the Brazilian Real.
Scott Varilek of Kooima Kooima Varilek says soybeans see a dead cat bounce off contract lows Thursday. Meanwhile, cattle futures end lower despite good early cash news. So is this topping action?
Darin Newsom, Senior Market Analyst with Barchart, says soybeans are trying to stage a dead cat bounce after making new contract lows, along with soy products. The stock market is also trying to recover.
Pro Farmer Editor Brian Grete, says soybeans fell with rain in Brazil and big crop forecasts, plus a disappointing NOPA crush report.
Brad Kooima, Kooima Kooima Varilek, says grains try to hold early gains. Nearby live cattle futures made new highs for the move pushed by sharply higher cash in the North at mostly $196, the South was at mostly $191.
Oliver Sloup, Blue Line Futures, says corn saw continued technical selling and profit taking after the inability to take out chart resistance.
Randy Martinson, Martinson Ag, says soybeans are seeing profit taking on South American weather and despite another 7.3 million bu. of export business this morning,
Bryan Doherty, Total Farm Marketing, says corn ended lower on a combination of profit taking and farmer selling after running into chart resistance.
Mark Schultz, NorthStar Commodity, says corn and soybeans are overbought and failed to get above resistance on the charts which is triggering profit taking. Live cattle make new highs for the move on sharply higher cash trade.
Alan Brugler of A&N Economics, LLC says corn started higher still digesting the bullish cut to ending stocks in the December WASDE but ran into chart resistance.