Milk Prices
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?
Shawn Hackett with Hackett Financial Advisors says the market fears that China will use the ruling as leverage to get out of its trade framework struck with the U.S. on Oct. 30 and that could include its soybean purchase commitments.
Soybeans and soybean oil saw a higher day on Tuesday driven by hopes President Trump would make a biofuels policy announcement regarding 45Z or the RVO proposal while speaking in Iowa after the market close says Naomi Blohm with Total Farm Marketing.