Market Analysis
Mike Minor with Professional Ag Marketing says grains are seeing profit taking but a catalyst creating some selling is news accounts that Russian President Putin may be considering a peace deal with Ukraine.
Matt Bennett with AgMarket.Net says grains rallied most of August and got a bit overbought so the correction was overdue and healthy. Plus, bull markets need to be continually fed.
Mark Knight with Farmers Keeper Financial says the grain markets are way overbought and due for a correction.
Allison Thompson with The Money Farm says the perfect storm has converged to bring massive fund buying into the grain markets and push prices to multi-year highs.
Jamie Gieseke with Paradigm Futures says the charts are bullish for grain markets, especially for corn.
Brian Grete with Commstock Investments says grain markets posted higher closes for the month with funds pouring massive amounts of money into the complex. Are they done buying yet is the question in a new month.
Analysts Dan Basse and Chip Nellinger say $6 corn is looking likely this year. While there’s always risk as the funds post such a long position, there is another factor that could push prices past $6, and that’s tied to El Niño.
Cattle futures were trying to bounce early Monday as both live and feeder cattle are oversold after lower weekly closes says Brad Kooima with Kooima Kooima Varilek. However, he was cautious about it holding.
Don Roose with U.S. Commodities says the grains have seen rotating leadership but the bull market is currently being led by wheat and will needs continue Black Sea headlines to keep moving higher.