Corn
Brad Kooima with Kooima Kooima Varilek says the cattle futures are overbought after last week’s higher weekly closes. So this is a healthy correction.
Commodity prices have not kept pace with rising costs, leaving many row crop growers struggling to keep their operations on positive footing headed into the new year.
Shawn Hackett with Hackett Financial Advisors says part of the pressure in soybeans was technical selling but the market is also starting to trade the big crop potential in South America.
A new report details the need for more ag funding to address existing weeds, insects and diseases as well as agronomic problems that have yet to reach U.S. shores.
The U.S. Climate Prediction Center forecasts the weather pattern to persist for the next month or two, which is ideal for soybean reproductive stages, but the transition might impact the tail-end of the region’s growing season.
Mark Schultz with Northstar Commodity says the $10,80 level has been strong support in soybeans and held with the help of more daily export sales.
John Zanker with Farmers Keeper Financial says soybeans could not hold early gains despite more export business and may be eyeing the gap area from Oct. 24.
Randy Martinson with Martinson Ag says early pressure in soybeans came from follow through selling and more confusion on China’s purchase commitments. However, soybeans bounced off of strong technical support at the days lows.
Jon Scheve with Scheve Grain says the soybean market is reading the USTR comments as there is no real deal and actually has been trading that way for a while now.
Jim McCormick with AgMarket.Net says the 125 million bu. cut to U.S. corn ending stocks was bullish as well as global corn carryout.