Corn
Darin Newsom, Senior Market Analyst for Barchart, corn and wheat are anchoring each other lower with the market shifting its focus to larger supplies ahead and comfortable available stocks.
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Dave Chatterton, Strategic Farm Marketing, says the markets faded the news as the realization set in that no major breakthroughs in the trade talks are expected and a long term trade deal with China could take quite some time.
Farm equipment auction data continues to show a strong resale market for used, pre-DEF machines in good condition, driven primarily by the rising cost of brand new machines.
Kent Beadle, Paradigm Futures, says corn and soybeans rallied overnight and early Wednesday on the news China and U.S. are beginning trade talks this weekend.
Farmers are poised to climb past the halfway point this week following a slowdown in progress while Illinois planting remains behind the 5-year average.
One farmer who was chased out of fields by rain this past weekend told Farm Journal, “This is the wettest drought I have ever seen.” There are some silver linings, though: soil-applied herbicides are being activated, the U.S. corn crop won’t all pollinate the same week and you have time to make stand counts where the crop has emerged.
Brad Kooima, Kooima Kooima Varilek, says cash cattle trade was record high again last week with $223 live paid in much of the North and even a few $224 trades to a regional. Grains are mostly lower.
Jerry Gulke, president of the Gulke Group, says there are several factors that indicate to him the chance to rally old crop corn to $5 is over.
Oliver Sloup, Blue Line Futures, says there was risk on buying across the commodity and financial markets due to more positive trade news and economic headlines.