Corn
Scott Varilek of Kooima Kooima Varilek says soybeans see a dead cat bounce off contract lows Thursday. Meanwhile, cattle futures end lower despite good early cash news. So is this topping action?
The same week Congress released the proposed CR that included $31 billion in aid for producers, a Farm Journal poll asked farmers for their thoughts on whether Congress should pass economic aid.
The stopgap deal to avoid a government shutdown includes $10 billion in direct payments for farmers, $21 bllion in ag disaster aid, a one-year extension of the 2018 farm bill and year-round E15.
Jerry Gulke, president of the Gulke Group, says after the 200 million bushel cut to corn ending stocks in the December WASDE he wonders if USDA is preparing the marketplace for more of the same in the final January report?
Alan Brugler of A&N Economics, LLC says corn started higher still digesting the bullish cut to ending stocks in the December WASDE but ran into chart resistance.
Kent Beadle, Paradigm Futures, says grains are extending gains from Tuesday on technical and fund buying as the markets. The markets are still digesting the bullish USDA report data for corn and even wheat.
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Darren Frye, Water Street Solutions, says grains close higher after the WASDE and USDA’s surprise cut in corn ending stocks by 200 million bushels.
Matt Bennett with AgMarket.Net says the agency shocked the market in the December WASDE by lowering ending stocks on corn 200 million bu. to 1.738 billion bu., with an increase in demand.
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