Markets Today
DuWayne Bosse with Bolt Marketing says the soybean market is still trying to price in the possibility of China buying another 300 million bu. of soybeans this marketing year.
Randy Martinson with Martinson Ag says, “This is, you know, basically 8 million metric ton or roughly 294 million bushels of added soybean demand that we were not expecting.”
Traders want proof from China of the potential soybean buys according to Joe Vaclavik of Standard Grain.
Tyler Schau of AgMarket says cattle futures make new highs for the move on higher cash and the report tailwind. Soybeans followed soybean oil which rallied as Treasury released 45Z guidance and that pulled up corn.
Matt Bennett with AgMarket.Net says it was a money flow day as grains were influenced by the selloff in crude oil and the precious metal markets, plus the higher dollar.
Ag market activity Friday and much of the week was dominated by money flow and spillover from outside markets like the metals, the energies, and the dollar. That’s according to Allison Thompson with The Money Farm.
Joe Kooima of Kooima Kooima Varilek says the cattle markets have gotten caught up in the outside market money flow but are also seeing some caution ahead of the USDA semi-annual cattle inventory report to be released Friday.
Grain markets were higher overnight and on the opening Thursday making multi-week highs and new highs for the move before failing. Ted Seifried with Zaner Ag Hedge says the asset reallocation in the outside markets spilled over into the ag markets.
Alan Brugler with A&E Economics, Inc. says funds buying in the grains Wednesday and early Thursday was tied to money flow. The key to keeping it going is to get through chart resistance.
Grains markets ended higher across the complex, driven mostly by money flow according to Dave Chatterton with Strategic Farm Marketing.