Market Analysis
Kevin Duling with KD Investors says corn shook off early losses after bouncing off support on the charts.
Brady Huck with Advance Trading says corn and soybeans continue to see profit taking and consolidation after the recent run off the August lows. Currently both markets are testing key support that needs to hold.
Jim McCormick with AgMarket.Net says corn saw some profit taking after hitting chart resistance as the December contract neared $4.25, which coincided with the 38% retracement level.
Mike Zuzolo, Global Commodity Analytics, says soybeans saw risk off selling as China aligned itself with Russia and India, which signals no deal between the U.S. and China any time soon.
Brad Kooima of Kooima Kooima Varilek says live and feeder cattle futures are back into new contract and all-time highs after showing considerable resilience last week and despite a selloff in the equities. Grains sell off on tariff concerns.
Gulke says next week’s action in corn futures is important because a continued rally could provide the first buy signal in the corn market in over six months.
Chip Nellinger, Blue Reef Agri-Marketing, says grains rallied with corn leading the charge on end of month short covering and ahead of a long holiday weekend.
Scott Varilek with Kooima Kooima Varilek says live and feeder cattle futures saw end of month profit taking on Thursday and some follow through selling to start Friday.
Inflation adjusted cost of production for corn has been consistently high since 2012
Don Roose, U.S. Commodities, says grain futures all ended slightly higher Thursday with end of month positioning and profit taking.