Markets Today
Mark Knight of Farmers Keeper Financial says the market was looking for confirmation of China soybean purchases and now will need to see more sales to continue the rally.
November soybeans failed to close above the key $12 level and Naomi Blohm of Total Farm Marketing thinks the market may be running out of runway as Monday was mostly technical buying.
Joe Kooima of Kooima Kooima Varilek says funds continue to pressure the cattle futures and he anticipates that will continue after last week’s lower weekly closes.
Allison Thompson with The Money Farm says the failure was likely position squaring heading into the three day holiday plus markets ran into chart resistance and saw some profit taking.
Scott Varilek with Kooima Kooima Varilek says cattle futures were struggling early Thursday with lower cash as the packers are trying to break the market with their own inventory.
Darren Frye with Water Street Solutions says the follow through buying was very important to show the higher close on Tuesday was not a head fake.
Jon Scheve with Scheve Grain says USDA punted on corn with the June Acreage Report and now farmers are in limbo until the August certified acres. So what should they do from a marketing standpoint?
Arlan Suderman, chief commodities economist with StoneX, says the additional cut in winter wheat acres was a surprise but there were others as well.
Mike Zuzolo, Global Commodity Analytics, says grains were pressured by a host of factors including weather and fund liquidation.