Russia
Arlan Suderman of StoneX says corn and soybean charts have seen damage which triggers algorithmic selling and the end users are content to let the market come to them.
Craig Turner of StoneX says a close in corn below $4.70 would be negative for the market and open the door to further fund liquidation even though corn is oversold.
Vince Boddicker with Farmers Trading Company says grains took the path of least resistance on Wednesday trading lower with a lack of fresh bullish news.
Corn and wheat futures were lower early Wednesday seeing some profit taking after a higher close Tuesday says Darin Newsom, senior market analyst with Barchart.
Darren Frye with Water Street Solutions says the market was adding some geopolitical risk premium with tensions rising in the Black Sea region.
Arlan Suderman, chief commodities economist with StoneX, Inc., says soybeans led the rally with nearly 24-cent gains in November on hopes for China export business. But the market may have gotten ahead of itself.
The Russian government ordered “necessary measures” to boost ag exports after wheat sales to start 2025-26 fell to their lowest since 2008.
“Let’s just put it this way, things are happening this spring we’ve never seen before,” says Josh Linville, vice president of fertilizer at StoneX.