Markets saw a double-digit rally as USDA says the 2024 corn and soybean crops were not as big as originally projected.

Shawn Hackett with Hackett Financial Advisors says it will be tough for corn to run to $5 because report just confirmed what the market already knew.

USDA lowered corn yield a whopping 3.8 bu. and soybeans 1 bu. which led to lower production and ending stocks.

Scott Varilek of Kooima Kooima Varilek says the cattle futures are digesting another week of record cash trade at $320 dressed, up $5 and the South traded some $200 live, up $4.
Grains are firmer ahead of USDA reports and 45Z guidance.

Allison Thompson with The Money Farm says corn has rallied nearly $1 and soybeans around 50 cents off the lows. So production and ending stocks will need to come in well under trade estimates in the USDA reports for prices to push higher.

Can you protect your soybean crop from SDS with phosphorus? Kansas State University says yes.

Mark Schultz, Northstar Commodity, says corn and soybeans saw pressure from some rain added to the 11-15 day weather forecast in Argentina and Southern Brazil and USDA report positioning. Cattle saw profit taking and maybe some reaction to the border opening to Mexican feeder cattle imports soon.

Rich Nelson with Allendale, Inc. says grain markets are seeing early pressure with a rebound in the U.S. dollar index back near recent highs, but also watching South American weather and ahead of USDA reports on Friday.

The grower currently broadcast applies P and K ahead of planting but is considering moving to strip-till applications like he uses in corn.

Kent Beadle with Paradigm Futures says corn and soybeans are seeing profit taking and farmer selling after hitting chart resistance on Monday at previous highs and retreating.