Markets Today
Dan Basse, president of Ag Resource Company, believes China bought a half million tons of U.S. soybeans last week.
Mike Minor of Professional Ag Marketing says funds continue to sell in corn Tuesday as the trade mentality is “rain makes grain”.
Live and feeder cattle futures made new highs for the move early Monday but ended well off highs. So can the markets retest the highs?
Despite higher weekly closes last week corn futures were lower Monday morning testing support.
Mark Schultz of Northstar Commodity says grain markets also saw some position squaring by traders heading into a three-day weekend as the markets are closed on Friday for Juneteenth.
Cattle futures were lower early Thursday seeing some profit taking after some technical chart breakouts this week, but also positioning ahead of the holiday.
Soybeans ended higher as rumored export business was confirmed by USDA with a flash sale of 13.7 million bu. to unknown destinations. However, China was also looking for corn and wheat.
Wednesday morning USDA reported a flash sale of 13.7 million bushels of soybeans to unknown destinations and Randy Martinson with Martinson Ag says the market is betting that its China.