WEATHER

Rich Nelson with Allendale says supply and demand factors are combining to push the market higher and he isn’t sure the rally is over yet.

Rich Nelson with Allendale, Inc. says grains are pricing in ideas that corn and soybean yields are not as big as feared. That’s what they found in their nationwide annual yield survey. However, South America’s crop size may also be declining. So what will that mean for the September WASDE and can grain prices continue to rally as a result?

Dave Chatterton, Strategic Farm Marketing, says grain are higher early Wednesday. The market has been pushed by fund short covering, lower yield ideas and better demand. However, upside may be limited especially as farmers sell on the rally. Livestock are mixed.

Randy Martinson, Martinson Ag, says he was encouraged grains were all able to close higher and build on last week’s higher weekly closes. So was it all fund short covering?

Bryan Doherty, Total Farm Marketing, says while the technical action in the grain markets was encouraging grains need to close higher again next week for confirmation. Cattle and hogs also closed higher Friday and for the week.

Scott Varilek with Kooima Kooima Varilek says long term continuation charts for live cattle still look positive. Corn and soybeans could post higher weekly closes but he thinks it might be a bear trap.

Corn and soybeans rally Thursday putting in some weather premium but may have reached a value level which is uncovering strong end user demand.

Jeff Hoogendoorn, Professional Ag Marketing, says corn and soybean may have dialed in the biggest yield and with hot dry weather trimming yield and demand picking up the markets could see more buying.

Cattle set back on lower early cash and cutouts, while hogs turn mixed after early gains tied to strong weekly exports.

Corn and wheat score key reversals after making new contract lows, while soybeans continued higher for a third day.