Soybean News
The latest soybean commodity market news and insights for soybean producers and agribusiness.
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Allison Thompson with The Money Farm says corn and soybeans both ran up into chart resistance and are seeing some profit taking by technical traders.
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Darin Newsom with Barchart says corn and soybeans were higher on technical buying and adding some weather premium with a hot dry extended forecast for Argentina and Southern Brazil. Cattle futures followed record cash in the South.
DuWayne Bosse, Bolt Marketing, says corn scored a new six month high close for the move on dryness in the extended forecast in Argentina and funds adding to their long position.
Here’s a snapshot of distribution by state and crop as well as per-acre payment rates by crop for the $9.8 billion in market relief payments for farmers.
With strong demand fundamentals the corn market may be able to continue to march higher. Vince Boddicker with Farmers Trading Company says he’s not ruling out $5 corn but it will take several factors to push to that level.
Scott Varilek, Kooima Kooima Varilek, says cattle futures are extending gains after a higher week in the futures and with higher cash trade. Grains are seeing technical buying but dryness in Argentina is also a concern.
Tommy Grisafi with Nesvick Trading Company says the grain markets saw light holiday trade and rebalancing of portfolios end of year. However, the higher weekly closes were encouraging, especially corn at a six month high.
Garrett Toay, AgTraderTalk, says corn made six month highs and finally closed above the 200 day moving average which has been tough chart resistance.
The enzyme in Phosforce is already in the soil but available in limited supply, and application accelerates the biochemical reactions in the soil to tap an previous unused pool of soil phosphorus.