Kent Beadle, Paradigm Futures, says grains are extending gains from Tuesday on technical and fund buying as the markets. The markets are still digesting the bullish USDA report data for corn and even wheat.
Darren Frye, Water Street Solutions, says grains close higher after the WASDE and USDA’s surprise cut in corn ending stocks by 200 million bushels.
Arlan Suderman, Chief Commodities Economist for Stone X, says corn and wheat ended higher on value buying after wheat hit contract lows last week. Soybeans continue to be under pressure with favorable weather in Brazil and basis levels below the U.S.
Brad Kooima, Kooima Kooima Varilek, says cattle are working in last week’s higher fed cash cattle trade. Grains are also mostly higher adding geopolitical risk premium and ahead of the WASDE.
Bryan Doherty, Total Farm Marketing, says March corn sees a chart breakout Friday above $4.35 and posts a higher weekly close, pricing in strong demand and lower expected ending stocks in Tuesday’s WASDE.
Scott Varilek, Kooima Kooima Varilek, says cattle are trying to recover after a poor technical close yesterday with the help of strong cash. Corn broke above chart resistance and is being pushed by strong demand.
Dave Chatterton, Strategic Farm Marketing, says the agricultural markets saw risk off technical selling. The sentiment of the grain market in particular is bearish right now due to uncertainty tied to trade and overall policy in the new administration.
DuWayne Bosse of Bolt Marketing says soybeans are consolidating with products, despite a 30,000 MT sale of bean oil to South Korea.
John Heinberg, Total Farm Marketing, says corn failed mid-session with conflicting information about guidance being delayed for the 45Z Clean Fuel Production Credits, but it also hit chart resistance.
Brad Kooima, Kooima Kooima Varilek, says cattle recover Tuesday after a KS plant closure headline hurt the market. Grains see a technical bounce with a lower dollar.