China
Garrett Toay with AgTraderTalk says after the big rally to start the week the grain markets saw some profit taking and corrective selling.
DuWayne Bosse of Bolt Marketing says the wheat market was trying to extend gains early Thursday but may be getting close to pricing the Black Sea export disruptions in.
Oliver Sloup Blue Line Futures, says wheat prices skyrocketed adding risk premium on concerns about the escalating Black Sea war and the disruptions it is causing in the export market. It could have more upside left.
Rich Nelson, chief strategist for Allendale says row crops are pausing right now until the weather story is really decided, while wheat is concerned about rising tensions in the Black Sea region.
Kevin Duling with KD Investors says corn and soybeans eased with a 1% improvement in ratings, while the weather is moderating.
Dave Chatterton with Strategic Farm Marketing says the market initially traded the heat for this week which is unwelcome for corn during pollination time.
Corn and soybean markets face uncertainty as China returns to buy U.S. soybeans, USDA acreage questions linger and weather drives price outlooks. Analysts offer grain marketing insights for farmers to navigate summer.
Corn futures ended 8 to 9 cents higher on Friday on the heels of the sharply higher wheat market and friendly numbers in the July WASDE.
Corn and soybeans were lower on Thursday seeing further consolidation after hitting chart resistance and with the WASDE on Friday.
Grain markets were lower on Wednesday and to start Thursday, seeing profit taking after hitting key chart resistance and with cooler, wetter extended weather forecast for the Midwest. That’s according to Randy Martinson with Martinson Ag.