Markets Today
Jon Scheve with Scheve Grain says corn and soybeans were seeing a technical bounce Tuesday with corn getting some extra help from early yield reports which are showing lower production than a year ago due to disease pressure, especially Southern Rust.
Ted Seifried with Zaner Ag Hedge says after 10-cent gains on Friday the corn market saw some profit taking but also report hangover. The September WASDE was bearish for the corn market and traders had the weekend to finally let that soak in.
Joe Kooima of Kooima Kooima Varilek says live and feeder cattle futures are higher early Monday but after a second week of lower weekly closes, he’s not sure if the market can retest the highs.
Chip Nellinger with Blue Reef Agri-Marketing says corn rallied on Friday in reaction to USDA’s 2.1 bu. per acre yield cut to 186.7 bu. cut he thinks there are bigger cuts yet to come.
Scott Varilek with Kooima Kooima Varilek says live and feeder cattle futures are higher again on Friday morning with the third day of recovery after Tuesday’s melt down. They need to close above Thursday’s highs to have a shot at retesting the record highs.
Garrett Toay with AgTraderTalk says while he thinks the corn and soybean crops are getting smaller he’s not sure if it will be reflected in the September WASDE.
Mike Minor of Professional Ag Marketing says last year USDA raised yield .5 bu. in the September report and left soybean yield unchanged, despite dry conditions to finish the crop.
Darren Frye with Water Street Solutions says grains saw technical selling pressure ahead of the WASDE. The agency doesn’t normally make huge changes in the September report and the market may be more worried about demand than supply.
Craig Turner with StoneX says corn and soybeans drifted early Wednesday ahead of the September WASDE as the market tries to determine how much USDA will lower yield.
Naomi Blohm with Total Farm Marketing says grain markets saw profit taking after the higher closes on Monday. And the ugly day in the cattle market was tied to technical selling.