China
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Brady Huck with Advance Trading says corn and soybeans continue to see profit taking and consolidation after the recent run off the August lows. Currently both markets are testing key support that needs to hold.
Jim McCormick with AgMarket.Net says corn saw some profit taking after hitting chart resistance as the December contract neared $4.25, which coincided with the 38% retracement level.
Rich Nelson, Chief Strategist with Allendale, Inc. says corn was lower Wednesday, seeing some profit taking after getting overbought but the rest of the grain and livestock complex were also lower.
Even with talk of shrinking soybean yields due to the dry weather pattern that shut out rain for much of the Midwest and Mid-South in August, one fact remains: China still isn’t buying U.S. soybeans.
Mike Zuzolo, Global Commodity Analytics, says soybeans saw risk off selling as China aligned itself with Russia and India, which signals no deal between the U.S. and China any time soon.
Chip Nellinger, Blue Reef Agri-Marketing, says grains rallied with corn leading the charge on end of month short covering and ahead of a long holiday weekend.
Don Roose, U.S. Commodities, says grain futures all ended slightly higher Thursday with end of month positioning and profit taking.
With $8 cash soybean bids in the Dakotas and Minnesota, and no bids for fall in a few markets, farmers might need to break the norm and store soybeans.
DuWayne Bosse with Bolt Marketing says the grain markets saw selling pressure from a stronger dollar and some liquidation ahead of first notice day on Friday and on end of the month liquidation.