Market Analysis
Dave Chatterton, with Strategic Farm Marketing, says old and new crop corn both made new contract lows as the market faded the friendly ending stocks numbers in the July WASDE. He says the market was looking ahead with ideas of higher yields in future reports.
Jerry Gulke, president of the Gulke Group, says grains posted lower weekly closes as the markets were pressured by ideal weather and ideas of higher yields.
A look ahead at the next 5, 30 and 90 day segments for the soy market.
Live and feeder cattle futures opened lower on Friday but quickly turned higher with strong cash news according to Scott Varilek, Kooima Kooima Varilek. Grains see pressure from weather and the risk off outside market influences tied to the proposed tariff increases on Canada to 35% by Aug. 1
DuWayne Bosse of Bolt Marketing says the bounce in the grain markets was mostly short covering heading into Friday’s WASDE Report. However, the market may not trade the report numbers long before it turns it attention back to weather.
Mark Knight with Farmer’s Keeper Financial says corn opened lower but was trying to recover early on short covering, but also following the strength in the wheat market. Soybeans fell further on tariff concerns.
Chuck Shelby with Risk Management Commodities says corn finally saw a light short covering bounce after making new contract lows again early Wednesday in both old and new crop contacts.
Darin Newsom, Senior Market Analyst with Barchart, Inc. says grains continue to see non-commercial selling as the markets are becoming more comfortable about ample supplies. However, one factor not being talked about is demand is starting to fall.
Frayne Olson, NDSU Extension Crops Economist, says weather and improved crop ratings and benign weather are weighing on the corn and soybean markets. However, tariff uncertainty is also negative for prices.
Arlan Suderman, Chief Commodities Economist with StoneX, says funds sold aggressively and erased almost all of last weeks gains, as they came back from the holiday and saw no threat in the weather forecast.