China
Randy Martinson with Martinson Ag says soybeans are hitting new highs for the move with the tailwind of comments from President Trump about getting a trade deal with China next week in South Korea.
Grains ended mostly higher on renewed technical buying, while cattle closed with limit down moves in feeder cattle in reaction to President Trump’s social media comments about beef.
Garrett Toay with AgTraderTalk says after the recent rally corn and soybeans ran into chart resistance. However, outside markets had a negative impact with the selloff in precious metals and the rally in the dollar.
Kevin Marcus gives insights from U.S. to South America to China growing and harvest seasons.
Jamie Gieseke with Paradigm Futures says soybeans are seeing some profit taking after a 35 cents rally off of last week’s lows but also some farmer pricing. The higher dollar is weighing on corn and wheat.
Jeff Hoogendoorn, Professional Ag Marketing, says soybeans ended higher on Monday and extended gains after a higher weekly close last week. Cattle tried to recover after Friday’s meltdown and after President Trump comments about the U.S. buying Argentina beef to lower prices for consumers.
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Brad Kooima of Kooima Kooima Varilek says cattle futures saw some recovery on the opening Monday after a melt down on Friday which produced limit down closes in most of the feeder cattle contracts.
Oliver Sloup, Blue Line Futures, says corn, soybeans and wheat all saw technical buying this week after bouncing off key support on the charts. The key is can the markets build on it next week?
Joe Kooima of Kooima Kooima Varilek says the funds were liquidating long positions on the open Friday after President Donald Trump said the administration was working on a plan to lower beef prices. Some of it was triggered by algorithm trades that key their formulas off headlines.