Market Analysis

Darin Newsom, Senior Market Analyst with Barchart, Inc., tries to explain the higher day in the grains, especially soybeans, with the bearish Chinese trade news. So, what drove the rally?

Matt Bennett, AgMarket.Net, says soybeans rallied with the tailwind of more talk of Chinese tensions easing and May closed above key 200-day moving average resistance.

Allison Thompson, The Money Farm, says soybeans are seeing follow through buying on Wednesday with the de-escalation of the China trade war.

Dan Basse, president of Ag Resource Company in Chicago, says corn was pressured by the fast planting pace of 12% nationally and a slightly more open forecast for the next week or so.

Mark Knight, Farmer’s Keeper Financial, says corn and wheat are under pressure from fast corn planting pace and rains in the forecast for hard red winter wheat country. Soybeans bounced off support, but need to take out technical resistance to keep the momentum going.

Vince Boddicker, Farmers Trading Company, says grain and cattle markets saw selling Monday in tandem with the collapse in outside markets.

Brad Kooima, Kooima Kooima Varilek, says grains lose early strength running into chart resistance. While cattle also started higher with the sharply higher cash trade Thursday but faded.

Scott Varilek, Kooima Kooima Varilek, says live and feeder cattle futures closed strong on Thursday and for the week, pushed by cash. While new crop corn and soybeans gained as the market transitions from focusing on demand, to focusing on supply.

Randy Martinson, Martinson Ag, says the grains markets started the day session higher with weekly exports strong except for old crop wheat. However, the market turned mixed with positioning ahead of a three day holiday and watching weather.

Mark Schultz, Northstar Commodity, says several factors combined to cause the commodity wide buying on Wednesday.