China
Arlan Suderman, chief commodities economist with StoneX, Inc., says soybeans led the rally with nearly 24-cent gains in November on hopes for China export business. But the market may have gotten ahead of itself.
Brad Kooima of Kooima Kooima Varilek says there were signs in the cattle market prior to Friday’s sell-off indicating the market might be getting toppy. However, does the market negate the reversals like it has in the past?
President Trump is urging China to buy more U.S. soybeans as they face a shortage, but analysts say quadrupling soybean orders is ‘highly unlikely.’
Allison Thompson with The Money Farm says corn and HRW wheat extended gains for a second day in what looked to be end of the month short covering by the funds.
Craig Turner, grain and oilseed analyst with StoneX says its the last trading day of the month and corn, soybeans and wheat are all poised to have bearish monthly lower closes.
Kevin Duling, KD Investors, says corn is trying to bounce Wednesday off of new contract lows scored in old crop futures and wheat is also trying to recover after new lows on Tuesday.
China is threatening to derail a $23 billion deal that would hand over control of more than 40 global ports.
Naomi Blohm with Total Farm Marketing says corn took a break after a three-day rally running into chart resistance in the December contract around $4.25.
Randy Martinson, Martinson Ag, says corn tried to move higher early Thursday but the December contract is running into chart resistance with the 20-day moving average at $4.25. Can weather help the market get above this level?
Ted Seifried, Zaner Ag Hedge, says corn and to some degree soybeans, were adding weather premium as some heat comes is predicted for much of the Corn Belt in the extended forecasts. However, talk of China business also stirred up the trade.