Corn
Brad Kooima of Kooima Kooima Varilek says cattle futures started the day higher in recovery mode after a poor technical close on Friday and a bearish reversal lower for the week. Soybeans continue to rally on the heels of the surge in bean oil on EPA’s surprise biofuels news.
The Environmental Protection Agency (EPA) proposed record blending mandates for biomass based diesel in the Renewable Fuels Standard.
Soybeans were up sharply on Friday with soybean oil locked limit up on all of the contracts. Alan Brugler, A&N Economics, says it was in reaction to the EPA’s proposed Renewable Volume Obligations, which were especially bullish for biomass based diesel.
Now’s the time to be scouting for the disease, especially where the inoculum is present. Tracking weather data, particularly daily humidity levels, can help you keep an eye on tar spot this season.
Scott Varilek, Kooima Kooima Varilek, says cattle are seeing risk off selling tied to the news overnight of escalating war between Iran and Israel which has the financial markets sharply lower. Bean oil is limit up on news of higher blending levels for biomass based diesel.
Freshly graduated from Western Illinois University, Paige Pence is getting an entirely new learning experience this summer as she gets her feet wet farming the 4,500 acres originally pieced together by her first-generation farmer parents.
Dave Chatterton of Strategic Farm Marketing says corn was slightly higher with tighter ending stocks, while soybeans fell on the rumor of lower RVO levels.
USDA lowered old crop corn ending stocks 50 million bushels, but Brian Splitt, AgMarket.Net, says the market doesn’t feel like it’s trading a 1.365 billion bushel carryout nor do the July/December spreads.
Caleb Ragland is hopeful his boys will have the opportunity to be the 10th generation to carry on the family’s farming roots, but he’s concerned the fallout from trade disruptions, high input costs and low commodity prices could deliver a death blow to that dream.
Craig Turner with StoneX says the markets were initially charged by news the U.S. and China had reached a trade framework. However, the deal was lacking in detail just like so many of the trade deals touted by the administration.