Corn
DuWayne Bosse of Bolt Marketing says corn tried to extend gains from Tuesday’s rally working in lower yield ideas.
However, it is failing at technical resistance around $4.30 on the December where farmer selling also picks up.
However, it is failing at technical resistance around $4.30 on the December where farmer selling also picks up.
Allison Thompson with The Money Farm says corn rallied on Tuesday as the market does not believe USDA’s 186.7 bu. per acre yield estimate especially with some disappointing early yield reports.
The crop took it on the chin this season, with some Iowa farmers reporting huge yield losses as harvest gets underway. A one-time fungicide application helped, but it wasn’t enough to buck severe disease pressure, allowing it to return.
Jon Scheve with Scheve Grain says corn and soybeans were seeing a technical bounce Tuesday with corn getting some extra help from early yield reports which are showing lower production than a year ago due to disease pressure, especially Southern Rust.
Ted Seifried with Zaner Ag Hedge says after 10-cent gains on Friday the corn market saw some profit taking but also report hangover. The September WASDE was bearish for the corn market and traders had the weekend to finally let that soak in.
Sec. Rollins pointed to inflation, high yields and the stalled talks with China as reasons for a year of projected losses for farmers.
Joe Kooima of Kooima Kooima Varilek says live and feeder cattle futures are higher early Monday but after a second week of lower weekly closes, he’s not sure if the market can retest the highs.
Chip Nellinger with Blue Reef Agri-Marketing says corn rallied on Friday in reaction to USDA’s 2.1 bu. per acre yield cut to 186.7 bu. cut he thinks there are bigger cuts yet to come.
Market analysts says the September WASDE did not fully account for the disease pressure and dry finish in the East in both the corn and soybean crop.
The Association of Equipment Manfacturers (AEM), in partnership with leading ag groups, has released an updated report detailing the significant benefits of precision agriculture across the United States.