Soybean News
The latest soybean commodity market news and insights for soybean producers and agribusiness.
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Jerry Gulke, president of the Gulke Group, says price performance might have been a little disappointing but that’s because of USDA’s lofty ending stocks estimates at nearly 2 billion bushels for corn and 550 million bushels for soybeans.
Bryan Doherty, Total Farm Marketing, says grains saw profit taking on Friday after hitting chart resistance and a pick up in farmer selling.
The Soy Transportation Coalition says every foot of reduced water depth or draft is the equivalent of loading 7,000 fewer bushels of soybeans per barge.
Scott Varilek with Kooima Kooima Varilek says grains ease on profit taking and farmer selling. Cattle make more new highs for the move on hedge lifting and higher cash trade which was generally up $2 yesterday then fade.
Tomm Pfitzenmaier with Summit Commodity Brokerage says corn was pushed Thursday by strong demand with 15.5 million bushels of flash sales and weekly exports of 142 million bushels, the highest in 3 1/2 years.
Rich Nelson with Allendale, Inc. says while soybean export demand is improving if South America continues to receive rain prices could be too high.
Rich Nelson of Allendale says corn and soybeans showed resilience rallying into the close on strong demand. However, he thinks it may be exporters front loading their purchases. Cattle reverse in reaction to the McDonald’s E.coli story.
Alan Brugler, A and N Economics, LLC says grains are caught in a tug of war between farmer selling and strong cash basis levels due to strong demand.
Craig Turner with StoneX says grains saw technical buying off support areas but demand is also strong.
Allison Thompson with The Money Farm says corn and soybeans bounced off chart support and are seeing fund short covering but also strong end user buyer with another 14.2 million bushels of corn sold to Mexico.
In addition to planting soybeans early and applying fungicide, Dan Vogel puts on the appropriate amount of nutrients for the given year, instead of trying to bank nutrients or apply a two-year spread.
Dave Chatterton, Strategic Farm Marketing, says row crops are in a tug of war that could keep the markets sideways for a while.
Brad Kooima of Kooima Kooima Varilek says cattle were due for a slight correction and could ease their overbought status just by moving sideways. Grains are rebounding in part due to fresh flash export sales on corn and soybeans.
“The bottom line is the function of the market — when you have too much, you become the cheapest seller, not necessarily the cheapest producer,” says Jerry Gulke.
Tommy Grisafi, Advance Trading, says grains faded bullish export news and closed lower Friday and for the week.
Craig Turner of StoneX says end users have seen current grain prices as a value which has supported the markets and if you add in inflation grains could be carving out new trading ranges.
Grains reverse to close higher Thursday as Darin Newsom with Barchart says end user or commercial buying stepped in. He says there is strong demand for corn in soybeans at current price levels which is a bullish sign.
Garrett Toay, AgTraderTalk, says corn and wheat traded higher on technical or corrective buying as well as big flash export sales, noteably to Mexico.
Scott Varilek, Kooima Kooima Varilek, says corn and soybeans are up after the news of 80 million bushels of corn sales and 6.4 million bushels of soybeans sales. Cattle opened higher before profit taking and hedge pressure set in.
Kent Beadle of Paradigm Futures says grains saw follow through selling pressure after a lower day Friday. The complex also saw spillover from the risk off day in outside markets including the higher dollar and lower crude oil.
Brad Kooima, Kooima Kooima Varilek says cattle futures are mostly higher early Monday on better cash news and trying to negate Friday’s reversal. Grains are seeing pressure from harvest and South American rain chances.
The October WASDE effectively solidified the supply side of the U.S. corn and soybean balance sheets for the 2024-25 marketing year, though Gulke was surprised USDA didn’t raise yields because harvest has never been so good on his farm.
Unlike some past years, the October report didn’t provide much for the bulls or the bears. USDA did raise corn yield 0.2 bu. per acre to a record 183.8 bu. and lowered soybean yield 0.1 bu. per acre to 53.1 bu.
Oliver Sloup, Blue Line Futures says after a non eventful WASDE, grains saw some profit taking heading into the weekend with row crops seeing harvest pressure.
Scott Varilek, Kooima Kooima Varilek, says cattle futures need to take out the next layer of chart resistance to move higher. Grains continue to add war and weather premium and that shouldn’t change unless the WASDE is extremely bearish.
John Heinberg with Total Farm Marketing says the row crop markets are seeing continued pressure from three main fundamentals.
Darin Newsom with Barchart says wheat is higher adding war premium but soybeans and corn are seeing harvest pressure and trading South American weather.
Brian Grete, Pro Farmer, says wheat was supported by light fund short covering as traders were adding in some geopolitical risk premium.
Brad Kooima, Kooima Kooima Varilek, says the cash cattle trade will likely be steady this week which may mean the futures could stall out. He thinks the party could be over in row crops.
Jerry Gulke, president of The Gulke Group, thinks the party is over in the grains, at least for now, due to several key factors.