Mexico
Jim McCormick with AgMarket.Net says the market saw massive fund buying and short covering adding war or geopolitical premium.
DuWayne Bosse of Bolt Marketing says funds are buying in corn on technical signals and concerns about a tightening U.S. and global balance sheet for corn.
Darren Frye with Water Street Solutions says the funds bought corn on the break with crop ratings down 3% and made a new contract high close. Can futures keep moving to $6 or where do they project to?
Randy Martinson with Martinson Ag says the corn market saw new contract highs on Monday. Tuesday morning it looked like funds were back in buying the break.
Just days before the Douglas, Ariz., port of entry is set to welcome Mexican cattle, a confirmed bovine case in Sonora throws the USDA’s phased reopening timeline into question.
John Heinberg with Total Farm Marketing says corn also got a boost from the 4% drop in crop ratings down to 63% good to excellent, the largest drop for the week in 20 years.
DuWayne Bosse with Bolt Marketing says the historic drop in crop ratings was supportive of corn and soybeans early. While cattle were trying to recover after the massive melt down on Monday but will it hold?
Brady Huck with Empower Ag Trading says the grain complex removed war and weather premium, while cattle ended sharply lower in reaction to the resumption of partial cattle trade with Mexico.