U.S. Department of Agriculture
Scott Varilek with Kooima Kooima Varilek says the funds continue to liquidate their long positions on the fear of the Mexican border reopening but lower fed cash is also a negative.
Don Roose with U.S. Commodities says corn and soybeans saw chart breakout with fund buying heading into the USDA report on expectations of lower yield but also watching for China buys in the daily export sales.
The grain markets fought off early weakness on Wednesday to close near the highs of the day and stage a strong technical close according to Bryan Doherty, Total Farm Marketing.
DuWayne Bosse with Bolt Marketing says grains are fading the reopening of the government on positioning ahead of USDA’s reports on Friday and the lack of China soybean purchases.
Chuck Shelby with Risk Management Commodities, says grains were mixed positioning ahead of the USDA reports with corn getting some support from lower yields in the average trade estimates.
Vince Boddicker with Farmers Trading Company says soybeans are mostly lower seeing some Turnaround Tuesday profit taking but the grains are also hearing up for the USDA reports Friday.
Live and feeder cattle futures are extending gains after a higher close on Friday. Brad Kooima, Kooima Kooima Varilek, says he is encouraged a low may be forming in both markets.
Jerry Gulke, president of the Gulke Group, says private estimates for national corn yield range from 182 to 186. However, he expects a bearish report because yields may be higher than expected.
Soybeans bounced on Friday and were up Matt Bennett with AgMarket.Net says to go back and retest this week’s highs or move to new highs soybeans will need to see proof of China purchases.
As fertilizer prices and demand hold firm this fall, Josh Linville with Stone X Group warns prices could climb higher if reported government aid payments arrive this year.