WEATHER
High feed costs, retail resistance and resuming Mexican imports signal lower prices, but structural supply limits offer downside protection.
Randy Martinson of Martinson Ag says the trade truce being extended for just two months is a disappointment.
Alan Brugler of A&N Economics says the market had anticipated some buying ahead of the meeting as a goodwill gesture and the corn and wheat markets have been especially disappointed.
Darren Frye with Water Street Solutions says the market also removed some geopolitical or war premium with talk of possible progress on the wars in the Middle East and Black Sea region.
President Trump was scheduled to speak at the U.N General Assembly Tuesday morning and there was hope for peace to the wars in Iran and the Black Sea according to Lane Akre, economist with Pro Farmer.
Sam Hudson of Cornbelt Marketing says the rally the last two month has been driven by crush and renewed export demand from China.
John Heinberg with Total Farm Marketing says higher product values and strong demand are supporting the soybean futures.
Mike Zuzolo with Global Commodity Analytics says corn and soybeans were supported by strong export inspections and higher energy markets. Wheat fell after the President’s post about Russia and Ukraine agreeing not to target energy and food infrastructure.