Corn

Brian Splitt with AgMarket.Net says new crop corn fell to contract lows after the August WASDE in reaction to USDA’s eye-popping 188.8 bushel per acre corn yield. However, soybeans rallied with ending stocks falling under 300 million bushels.

If USDA predictions hold true, a massive U.S. corn crop is on the way.

Jeff Hoogendoorn with Professional Ag Marketing says the grain markets were lower on China disappointment. Lean hogs continue to be supported by lower slaughter figures which could be a tailwind into 4Q.

The extent of the disease in the state is the worst one ISU Extension pathologist says she has ever seen. Farmers in 17 other states have also confirmed the disease.

Arlan Suderman, chief commodities economist with StoneX, Inc., says soybeans led the rally with nearly 24-cent gains in November on hopes for China export business. But the market may have gotten ahead of itself.

Short-stature corn is often planted at higher populations because its architecture allows for better light interception and more efficient use of resources when plants are grown closer together. But that’s not always the case, according to Ken Ferrie, Farm Journal Field Agronomist.

Brad Kooima of Kooima Kooima Varilek says there were signs in the cattle market prior to Friday’s sell-off indicating the market might be getting toppy. However, does the market negate the reversals like it has in the past?

Joe Glauber, senior research fellow with the International Food Policy Research Institute, says the trade imbalance may not be as concerning as it looks on the surface.

Grain markets failed to extend Thursday’s gains after hitting chart resistance and fear of record yields in the Aug. 12 WASDE. However, Shawn Hackett of Hackett Financial Advisors, says the market may have already priced in the biggest yields.

New crop corn closed lower for the week and made new contract lows but there was at least one silver lining in the technical action according to Jerry Gulke, president of The Gulke Group.