China
The market has been supported by war, weather and China demand according to Bryan Doherty of Total Farm Marketing.
The grain markets were higher early Wednesday with wheat leading the price gains and adding war premium.
A day after making new highs for the year and hitting the highest levels in three years, the soybean market saw some profit taking and consolidation. Corn and wheat resumed their rally.
Corn and soybeans saw some early profit taking pressure on Tuesday after running into chart resistance and with better than expected crop ratings.
Soybeans gapped higher Sunday night and made new highs for the move again on Monday says Mark Schultz with Northstar Commodity.
Joe Kooima, Kooima Kooima Varilek says the question is whether or not a bounce in the cattle can hold or if funds will use it to exit more of their long positions.
Shawn Hackett with Hackett Financial Advisors says wheat has been leading the grains higher and how long the rally can be sustained is dependent on how long the Black Sea export slowdown lasts.
At the Iowa Economic Summit, former USTR Bob Lighthizer warned farmers that China’s soy and meat buying is a short-term play, urging producers to “take off the rose-colored glasses” regarding long-term export risk.
Scott Varilek of Kooima Kooima Varilek says everybody’s looking for the bottom in the cattle market and wants to know if it is close.