WEATHER
Jerry Gulke, president of the Gulke Group, says the gains were impressive considering the ongoing uncertainty regarding weather, trade and the geopolitical environment.
Garrett Toay with AgTraderTalk says grains also saw mostly higher weekly closes mostly as a result of technical buying.
Scott Varilek, Kooima Kooima Varilek, says cattle futures gapped higher on the opening Friday and made all-time highs once again. Futures are still chasing record cash.
Mark Knight with Farmers Keeper Financial says grains opened higher on news of a call between President Trump and Chinese President Xi then traded on both sides of steady.
Tommy Grisafi of Nesvick Trading says it was a risk on day in the grains as they attempted to add weather premium on the hot, dry extended forecasts. “I feel like these markets have very little if any weather premium.”
Don Roose, U.S. Commodities, says corn and soybeans finally bounced Tuesday after closing lower for several days. He says both markets were adding risk premium and scored reversals.
The report also highlighted severe infrastructure and agricultural stress.
Brian Grete, Pro Farmer Editor, says soybeans roll over and make new lows for the move on China U.S. trade tensions, which weighed on corn.
Brad Kooima, Kooima Kooima Varilek, says cattle rally chasing record cash with the basis historically wide.
These space weather events can disturb the Earth’s magnetic field and at this severe level cause “more frequent and longer periods of GPS degradation.”