Markets Today
John Heinberg, Total Farm Marketing, says soybeans saw profit taking pressure early Tuesday but clawed back to close slightly higher with the help of the soybean oil market. However, corn continues to fail.
Tomm Pfitzenmaier, Summit Commodity Brokerage, says soybeans are seeing some profit taking after the rally Monday and after running into chart resistance in the July contract around $10.75 Monday night.
Chip Nellinger, co-owner of Blue Reef Agri-Marketing, says soybeans soared on the combination of positive China trade news and the bullish May WASDE.
The markets have several big headlines they’re digesting including news over the weekend that China and the U.S. are de-escalating the tariff war.
Mike Zuzulo, Global Commodity Analytics, says the strength in soybeans was tied to optimism about tariffs on China being lowered by the U.S., while wheat saw some short covering.
Scott Varilek, Kooima Kooima Varilek, says cattle continue to hit all-time highs in cash and futures. While corn is seeing some short covering after new lows for the move on Thursday.
Randy Martinson, Martinson Ag, says corn made new lows for the move in tandem with wheat and faded strong export sales and the U.K. trade deal.
Darin Newsom, Senior Market Analyst for Barchart, corn and wheat are anchoring each other lower with the market shifting its focus to larger supplies ahead and comfortable available stocks.
Dave Chatterton, Strategic Farm Marketing, says the markets faded the news as the realization set in that no major breakthroughs in the trade talks are expected and a long term trade deal with China could take quite some time.
Kent Beadle, Paradigm Futures, says corn and soybeans rallied overnight and early Wednesday on the news China and U.S. are beginning trade talks this weekend.