China
Arlan Suderman of StoneX says corn and soybean charts have seen damage which triggers algorithmic selling and the end users are content to let the market come to them.
Craig Turner of StoneX says a close in corn below $4.70 would be negative for the market and open the door to further fund liquidation even though corn is oversold.
Matt Bennett with AgMarket says soybeans made new lows for the move on Friday on fund selling and harvest. The question of how low prices go is dependent on how much of their long position they liquidate.
Joe Kooima of Kooima Kooima Varilek cattle futures have done a lot of heavy lifting the last three to four weeks with the stubborn cash market.
Chip Nellinger, Blue Reef Agri-Marketing says soybeans closed below the low set on report day on harvest, the NOPA crush figures and Brazilian production estimates.
Corn and soybeans were lower again Thursday on fund long liquidation and harvest pressure. Hogs were trying to bounce off contract lows.
John Heinberg of Total Farm Marketing, says, the selling was tied to inflation concerns with the CPI coming in hot at 3.7%.
While EPA’s SRE reallocation proposal was good news for the biofuels and agricultural industries the market seemed disappointed and faded into the close according to Jim McCormick with AgMarket.