WEATHER
Darin Newsom, Senior Market Analyst with Barchart, Inc. says grains continue to see non-commercial selling as the markets are becoming more comfortable about ample supplies. However, one factor not being talked about is demand is starting to fall.
Frayne Olson, NDSU Extension Crops Economist, says weather and improved crop ratings and benign weather are weighing on the corn and soybean markets. However, tariff uncertainty is also negative for prices.
The losses to the agricultural community won’t be known for a few weeks but are devastating and come just over a year after Texas was hit by the biggest wildfires in U.S. history.
Arlan Suderman, Chief Commodities Economist with StoneX, says funds sold aggressively and erased almost all of last weeks gains, as they came back from the holiday and saw no threat in the weather forecast.
Scott Varilek of Kooima Kooima Varilek says cattle futures are trading higher building on Wednesday’s big reversal which was initially triggered by trade news but then better than expected cash trade added to the rally. Grains are also higher on hopes of an announced deal with China.
Oliver Sloup, Blue Line Futures, says it was a combination of short covering and technical buying heading into a long holiday weekend but the announcement of a trade deal with Vietnam also provided a spark.
Allison Thompson withThe Money Farm says some of recovery in corn is a technical bounce off of new contract lows in both old and new crop contracts on Tuesday. She thinks the corn market has also been getting ahead of itself and is too bearish on yield.
John Heinberg, Total Farm Marketing, says corn made new contract lows again as funds continue to sell with no major weather threat to the crop and improved crop ratings. But how low will prices go?
Joe Kooima of Kooima Kooima Varilek says live and feeder cattle futures had a gap lower opening this morning on news from USDA of a phased re-opening of the border to Mexican cattle starting July 7.
DuWayne Bosse of Bolt Marketing says the grain markets have seen massive fund selling this week pushing corn to new contract lows but it has been spurred by a number of bearish factors.