Corn
Scott Varilek with Kooima Kooima Varilek says cattle futures are back trading higher with their huge discount to the record cash trade. He says cash trade could get even crazier.
Grain markets crashed on Thursday with profit taking and fund liquidation tied to disappointment over the lack of agricultural purchase agreements during day one of the U.S. China summit.
Agronomists say uniform but thinner stands often outperform starting over with corn and soybeans.
ASA says it fully supports year-round E15 ethanol but says social media backlash stems from confusion over SREs in House bill language as the measure heads to a tougher Senate fight.
The grain markets were sharply lower Thursday morning with soybeans seeing 30-cent losses on disappointment the China summit has not produced any agricultural purchase agreements.
Sam Hudson with Cornbelt Marketing says corn and soybeans were firmer on inflationary buying and optimism regarding the China summit. Cattle soared with higher cash.
Farmers in parts of the High Plains and Southeast need a break from relentless drought, while nationwide planting progress is outpacing the five-year average.
Jamie Gieseke with Paradigm Futures says commodities are starting to gain favor with the funds on inflation fears and that includes grains. A China deal could just add fuel to the fire.
Both classes of winter wheat ended limit up on the day as USDA shocked the market with their aggressive production cuts in the May WASDE putting the crop at a 54 year low, according to Arlan Suderman, StoneX.
Agronomist Phil Long explains the critical gap between air and soil temperatures and why the “heat engine” for corn and soybeans has stalled in some areas.