Milk Prices
Dec corn ended the day just above the $5 mark but with the added supply shock from USDA can this technical level hold?
Naomi Blohm with Total Farm Marketing says the grain markets saw risk off selling by traders heading into the weekend as U.S. Treasury Secretary Scott Bessent was schedule to meet with his Chinese counterpart to lay the groundwork for the U.S. China Summit.
The market has been supported by war, weather and China demand according to Bryan Doherty of Total Farm Marketing.
November soybeans failed to close above the key $12 level and Naomi Blohm of Total Farm Marketing thinks the market may be running out of runway as Monday was mostly technical buying.
Dan Basse, president of Ag Resource Company, believes China bought a half million tons of U.S. soybeans last week.
Despite higher weekly closes last week corn futures were lower Monday morning testing support.
However, Bryan Doherty with Total Farm Marketing says the corn and soybean markets are at a crossroads in the new crop contracts and need a catalyst to get above resistance.
Bryan Doherty with Total Farm Marketing says the grain markets markets were removing war and weather premium. Will that continue with if the Iran war is indeed over?