Corn
Oliver Sloup of Blue Line Futures says corn has consolidated the last two sessions after hitting chart resistance at $4.17 and may wait for combine results before taking out that level.
Randy Martinson with Martinson Ag says corn is drifting Tuesday with some consolidation after hitting chart resistance on Monday and with liquidation ahead of first notice day on Friday and the end of the month.
Vince Boddicker with Farmers Trading Company says soybeans sank on profit taking and could see further liquidation going into first notice day and end of the month.
Will this be the summer of drought that never fully materialized for these two crops? While there are areas of dryness, both continue to flourish. Here’s a look at how August weather is expected to finish out this week across the country, as September comes into view.
Brad Kooima of Kooima Kooima Varilek says live and feeder cattle futures gapped lower on the opening after a human case of New World screwworm (NWS) was announced over the weekend.
The agency is acting on a backlog of more than 175-petitions from 38-small refineries dating all the way back to 2016.
Pro Farmer economist Lane Akre says corn and soybeans posted higher weekly closes and should be able to build on that next week with the push from the lower yield and production estimates from the Pro Farmer Crop Tour.
On the heels of Crop Tour, Pro Farmer projects corn yields at 6.1 bu. below USDA’s August estimate, while soybean yield numbers are nearly aligned.
Scott Varilek, Kooima Kooima Varilek, says cattle fundamentals look supportive through fourth quarter, while corn and soybeans are running into chart resistance.
The Minnesota corn crop is going for gold. Pro Farmer Crop Tour scouts expect the crop will reach a record 202.86 bu. average, if it can outpace southern rust and tar spot. Scouts peg the Iowa corn crop at a 198.43 bu. average, but it also faces disease challenges.