Market Analysis

Don Roose, U.S. Commodities says corn saw some fund buying on tight supplies and with help from concerns about Argentina weather. However, soybeans couldn’t follow, pulled down by meal.

Mike Zuzulo, Global Commodity Analytics, says corn and soybeans are watching South American weather with hot dry conditions mainly in Argentina and Southern Brazil but some rain in the weekend forecast.

DuWayne Bosse with Bolt Marketing says corn and soybeans saw profit taking after stretching to new highs for the move as the markets were overbought.

Tomm Pfitzenmaier, Summit Commodity Brokerage, says corn and soybeans continued to see gains from strong technical closes on Friday and extending the report rally.

Brad Kooima, Kooima Kooima Varilek, says live cattle futures are consolidating which is healthy. Meanwhile, corn and soybeans make new highs for the move still digesting USDA’s bullish report data and the shocking cuts in yield, production and ending stocks.

Jim McCormick of AgMarket.Net, says South America is setting up for a record crop. “I think at this point Brazil will have a huge crop, 172 to 175 MMT, that’ll more than offset at what we lost here in the U.S.”

Jerry Gulke, president of the Gulke Group, says as of Friday’s report, USDA has dropped corn ending stocks nearly 1 billion bushels from their initial estimate during the February 2024 Ag Outlook Forum when the agency projected carryout at 2.532 billion bushels based on trend-line yield.

Markets saw a double-digit rally as USDA says the 2024 corn and soybean crops were not as big as originally projected.

Shawn Hackett with Hackett Financial Advisors says it will be tough for corn to run to $5 because report just confirmed what the market already knew.

USDA lowered corn yield a whopping 3.8 bu. and soybeans 1 bu. which led to lower production and ending stocks.