Wheat
Naomi Blohm with Total Farm Marketing says the technical action is feeling like the market is probing for a low.
Brad Kooima with Kooima Kooima Varilek says the charts look positive but he thinks a healthy correction is in store. He’s also skeptical about USDA’s new cash report.
DuWayne Bosse of Bolt Marketing says the managed money traders have hit the sell button with charts taking out key support and they may not stop until harvest reaches 60% to 70% done.
Jon Scheve of Scheve Grain says corn will have a difficult time finding a bottom until harvest pushes past 70%. After that the $8 billion of diesel aid will provide a bridge to help farmers store and wait for better prices.
Arlan Suderman of StoneX says corn and soybean charts have seen damage which triggers algorithmic selling and the end users are content to let the market come to them.
Craig Turner of StoneX says a close in corn below $4.70 would be negative for the market and open the door to further fund liquidation even though corn is oversold.
Jerry Gulke, president of The Gulke Group, says grain prices need to go low enough to be competitive and stimulate demand.
Matt Bennett with AgMarket says soybeans made new lows for the move on Friday on fund selling and harvest. The question of how low prices go is dependent on how much of their long position they liquidate.