China
Mike Minor of Professional Ag Marketing says last year USDA raised yield .5 bu. in the September report and left soybean yield unchanged, despite dry conditions to finish the crop.
Darren Frye with Water Street Solutions says grains saw technical selling pressure ahead of the WASDE. The agency doesn’t normally make huge changes in the September report and the market may be more worried about demand than supply.
Craig Turner with StoneX says corn and soybeans drifted early Wednesday ahead of the September WASDE as the market tries to determine how much USDA will lower yield.
Naomi Blohm with Total Farm Marketing says grain markets saw profit taking after the higher closes on Monday. And the ugly day in the cattle market was tied to technical selling.
Steve Censky, chief executive officer of the American Soybean Association, says unless China buys soybeans soon, they may be looking at aid similar to the Market Facilitation Program used back in 2018-19 during the last trade war.
Kent Beadle with Paradigm Futures says corn futures ended lower on Friday on profit taking and were down nearly 2-cents for the week. However, December still held the 50-day moving average.
China has imposed preliminary duties on pork imports from the European Union, a move set to disrupt shipments from one of the world’s biggest suppliers.
Randy Martinson, Martinson Ag, says corn is working on its third higher weekly close, which continues to help confirm the fall low set on August 12. Soybeans are still looking for China export business but could they be buying under unknown destinations?
Steve Censky, CEO of the American Soybean Association says, “China imports more soybeans than the rest of the world combined and so you can’t make up the loss of the China market by gaining a little bit here or there.”
Kevin Duling with KD Investors says corn shook off early losses after bouncing off support on the charts.