Corn
After waiting months for much-needed moisture, heavy rainfall is turning early-summer fieldwork into a high-stakes scramble for some Midwest farmers.
Cattle futures were lower early Thursday seeing some profit taking after some technical chart breakouts this week, but also positioning ahead of the holiday.
Soybeans ended higher as rumored export business was confirmed by USDA with a flash sale of 13.7 million bu. to unknown destinations. However, China was also looking for corn and wheat.
Wednesday morning USDA reported a flash sale of 13.7 million bushels of soybeans to unknown destinations and Randy Martinson with Martinson Ag says the market is betting that its China.
Soybeans were sharply lower in the overnight trade and then saw a gap higher open during the day session on talk that China was in pricing U.S. soybeans says Brian Grete with Commstock Investments.
Promising new technologies are entering the market, but large-scale corn and soybean farmers often face a frustrating bottleneck.
Vince Boddicker of Farmers Trading Company says while no sales have been confirmed, just the rumors of China in the U.S. market looking for bids brought buyers back into the market.
Grains saw nice reversals and closed higher on Monday, which was a victory considering the amount of bearish news the market had to absorb according to Kevin Duling with KD Investors.
Ken Ferrie lays out a strategy for farmers struggling with ponded corn acres after rains soak parts of the Midwest.
Brad Kooima says cattle were catching some spillover selling from the news the Iran peace deal had been signed, the higher equity markets and lower crude oil futures.