Corn
Brad Kooima of Kooima Kooima Varilek says November feeder cattle futures were up over $20 last week and have led the rally on strong cash, tight supplies and the continued cases of New World Screwworm (NWS) in Mexico keeping the border shut.
Jerry Gulke, president of the Gulke Group, says the trade news was a game changer for the market. After calling an early low in corn and soybeans, he says Friday’s news and trade action has changed his opinion and he has turned bearish.
Basis levels improved this week, with some analysts saying it could have been from China buying, even if the government shutdown means no daily export sales data can offer proof. But one analyst says there is a bullish case for corn, especially considering global stocks of corn relative to use, are the tightest since the 2012 drought.
Scott Varilek, Kooima Kooima Varilek says the feeder futures have put on $22 this week and were due for a correction but still project to $388. Grains see pressure from China trade news.
Matt Splitter says he has harvested more corn in the past 10 days than he did during the last two seasons combined. But he says two straight years of drought and high input costs could keep him and other farmers in the state from reaching financial wholeness.
Dave Chatterton with Strategic Farm Marketing says corn, soybeans and wheat were all lower on Thursday after running into solid chart resistance. However, basis is firming. So, what does that signal?
As Jed Bower takes the helm at NCGA, he is working to expand market opportunities in the U.S. and abroad, and looking for practical ways to reduce regulatory burdens on farmers.
Don Roose with U.S. Commodities says soybeans ended higher for second day as it looks like the market is trying to carve out a seasonal low.
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Jon Scheve with Scheve Grain says soybeans are seeing follow through buying on Wednesday as more farmers are storing soybeans this fall and waiting for an improvement in basis and/or prices with the possibility of a China trade deal.