Markets Today
Brian Grete, senior analyst with CommStock Investments says the soybean market has priced in most of the negative export news out of Argentina.
Arlan Suderman, chief commodities economist for StoneX, says soybeans did technical damage on hangover from the disappointing talks with China and Argentina’s announced export tax holiday.
Brad Kooima of Kooima Kooima Varilek says live and feeder cattle futures are sharply higher on Monday as news came late Sunday that New World Screwworm (NWS) had been detected 70 miles from the U.S. Mexican border. in an 8-month-old calf from a transported herd.
Shawn Hackett, Hackett Financial Advisors, says the soybean market fell on disappointment talks between President Trump and Chinese President Xi on Friday did not include soybeans, that also weighed on corn and wheat.
Scott Varilek with Kooima Kooima Varilek says cattle futures have seen a choppy week but are higher to start Friday after some better than expected cash trade.
Craig Turner with StoneX says corn and soybeans saw additional profit taking Thursday and pressure from harvest pressure and record soybean production estimates for Brazil.
Darin Newsom, senior market analyst with Barchart, Inc. says corn and soybeans are seeing a pick up in farmer selling or hedge pressure as harvest expands across at least the Central and Eastern Midwest.
Alan Brugler with A&N Economics says the commodity markets saw some profit taking and risk off selling ahead of the FOMC announcement.
DuWayne Bosse of Bolt Marketing says corn tried to extend gains from Tuesday’s rally working in lower yield ideas.
However, it is failing at technical resistance around $4.30 on the December where farmer selling also picks up.
However, it is failing at technical resistance around $4.30 on the December where farmer selling also picks up.
Allison Thompson with The Money Farm says corn rallied on Tuesday as the market does not believe USDA’s 186.7 bu. per acre yield estimate especially with some disappointing early yield reports.