Market Analysis
Mike Minor of Professional Ag Marketing says last year USDA raised yield .5 bu. in the September report and left soybean yield unchanged, despite dry conditions to finish the crop.
Darren Frye with Water Street Solutions says grains saw technical selling pressure ahead of the WASDE. The agency doesn’t normally make huge changes in the September report and the market may be more worried about demand than supply.
Craig Turner with StoneX says corn and soybeans drifted early Wednesday ahead of the September WASDE as the market tries to determine how much USDA will lower yield.
Naomi Blohm with Total Farm Marketing says grain markets saw profit taking after the higher closes on Monday. And the ugly day in the cattle market was tied to technical selling.
Allison Thompson with The Money Farm says grains were quietly mixed early Tuesday positioning ahead of the September WASDE. She expects USDA to modestly cut corn and soybean yields but they could also cut demand.
Dave Chatterton with Strategic Farm Marketing says corn and soybeans saw a technical bounce and buying after holding chart support.
Brad Kooima, Kooima Kooima Varilek, says the uptrend line on the cattle charts is also starting to be violated but that isn’t the only thing he’s watching for a signal of a bigger correction.
Jerry Gulke, president of the Gulke Group, says corn was slightly lower for the week but held support. The performance was a victory, considering the large infusion of bearish news the corn market had to absorb.
Kent Beadle with Paradigm Futures says corn futures ended lower on Friday on profit taking and were down nearly 2-cents for the week. However, December still held the 50-day moving average.
Randy Martinson, Martinson Ag, says corn is working on its third higher weekly close, which continues to help confirm the fall low set on August 12. Soybeans are still looking for China export business but could they be buying under unknown destinations?