China
China has ramped up its orders for Brazilian cargoes of soybeans.
Grain markets closed strong on Friday and posted higher weekly closes across the complex. What drove the rally? Jim McCormick of AgMarket.Net points to a few notable factors.
Randy Martinson with Martinson Ag says wheat saw support on a combination of technical buying or short covering and the market was adding some weather premium.
Soybeans continued to rally on Thursday. Lane Akre, economist with Pro Farmer, says this isn’t just short covering.
Greg McBride with Allendale, Inc. says hot, dry weather is expected in much of Argentina and Southern Brazil in the next 10 days and it is hitting at the critical pod filling stage for some of the soybean crop.
Soybean futures are higher early Wednesday with the easing of risk-off selling pressure.
Grains futures consolidated on Tuesday with risk-off selling tied to outside market concerns regarding possible EU tariffs and retaliation according to Oliver Sloup with Blue Line Futures.
Brad Kooima of Kooima Kooima Varilek says with the confirmation of no cases of NWS in the U.S. the cattle market should rebound Tuesday. However, with outside markets seeing risk off selling that may temper some of the buying interest in cattle.
Shawn Hackett with Hackett Financial Advisors says with corn and soybean prices plunging at the beginning of the week in response to the bearish USDA report, the lower price levels stimulated end user buying.
Corn and soybeans try to bounce Wednesday morning. Vince Boddicker with Farmers Trading Company says some of this is short covering or corrective buying as the market was oversold but he’s not sure the bearish USDA news is all digested.