Corn

The entire grain complex saw profit taking Monday after hitting chart resistance according to Allison Thompson with The Money Farm.

Brad Kooima of Kooima Kooima Varilek says he would be more confident about the lows holding in the cattle futures if three factors would turn positive.

In many areas of the Corn Belt, farmers experienced 10-to-50-bu.-per-acre yield losses from disease pressure this year, says Ken Ferrie. In a period of tight margins, timely treatment decisions were more crucial than usual.

The question now is was this just a correction of the oversold status in the cattle markets? While a higher weekly close is positive, Varilek says recoveries often come in three day waves.

DuWayne Bosse with Bolt Marketing says grains staged a surprise rally on news of China soybean buys but farmer selling pressure also subsided ahead of first notice day on Friday.

Hillari Mason with Pro Farmer says farmers had to roll or sell December futures or basis fixed contracts before Wednesday or risk delivery and so most of the commercial positioning is done which will take pressure off the market.

Mike Zuzolo with Global Commodity Analytics says the grain complex also saw some buying interest on the lower U.S. dollar index, which reacted to U.S. economic data.

Jamie Gieseke with Paradigm Futures says the weakness in the grain markets last week and to start this week was tied to liquidation and pricing of basis fixed contracts against December futures before the delivery period starts. Once that’s out of the way what is the next move?

Because every growing season is unique, agronomists are encouraging corn growers to make a management plan for the “driver diseases” they’re most likely to encounter in fields next year.

Dave Chatterton with Strategic Farm Marketing says the soybean market is tired of rhetoric and wants to see results in the form of sales to China.