China
Mark Knight of Farmers Keeper Financial says corn is drifting lower with some end of month profit taking and after having digested the lower yield estimates from the Pro Farmer crop tour.
Oliver Sloup of Blue Line Futures says corn has consolidated the last two sessions after hitting chart resistance at $4.17 and may wait for combine results before taking out that level.
The Chinese government is continuing to instruct importers to avoid purchasing U.S. soybeans. Until that changes, soybean prices are likely to remain low.
Randy Martinson with Martinson Ag says corn is drifting Tuesday with some consolidation after hitting chart resistance on Monday and with liquidation ahead of first notice day on Friday and the end of the month.
China, the world’s largest soybean buyer,is turning to Brazilian cargies amid trade tensions with the U.S. and ongoing negotiations.
Mark Schultz, Northstar Commodity, says corn December corn closed above the $4 level on Friday and was nearly steady for the week.
Mike Minor with Professional Ag Marketing says he’s been impressed with how well the corn market has digested Tuesday’s bearish yield and production news.
Brian Splitt with AgMarket.Net says new crop corn fell to contract lows after the August WASDE in reaction to USDA’s eye-popping 188.8 bushel per acre corn yield. However, soybeans rallied with ending stocks falling under 300 million bushels.
Jeff Hoogendoorn with Professional Ag Marketing says the grain markets were lower on China disappointment. Lean hogs continue to be supported by lower slaughter figures which could be a tailwind into 4Q.
Dan Basse, president, Ag Resource Company, says there is no evidence China is buying U.S. soybeans. In fact, the U.S. could miss the fall export window with the 90-day extension of the tariff truce.