Wheat
Jim McCormick with AgMarket.Net says corn saw some profit taking after hitting chart resistance as the December contract neared $4.25, which coincided with the 38% retracement level.
Rich Nelson, Chief Strategist with Allendale, Inc. says corn was lower Wednesday, seeing some profit taking after getting overbought but the rest of the grain and livestock complex were also lower.
Mike Zuzolo, Global Commodity Analytics, says soybeans saw risk off selling as China aligned itself with Russia and India, which signals no deal between the U.S. and China any time soon.
Chip Nellinger, Blue Reef Agri-Marketing, says grains rallied with corn leading the charge on end of month short covering and ahead of a long holiday weekend.
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Don Roose, U.S. Commodities, says grain futures all ended slightly higher Thursday with end of month positioning and profit taking.
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With $8 cash soybean bids in the Dakotas and Minnesota, and no bids for fall in a few markets, farmers might need to break the norm and store soybeans.
DuWayne Bosse with Bolt Marketing says the grain markets saw selling pressure from a stronger dollar and some liquidation ahead of first notice day on Friday and on end of the month liquidation.
Mark Knight of Farmers Keeper Financial says corn is drifting lower with some end of month profit taking and after having digested the lower yield estimates from the Pro Farmer crop tour.
Oliver Sloup of Blue Line Futures says corn has consolidated the last two sessions after hitting chart resistance at $4.17 and may wait for combine results before taking out that level.
Randy Martinson with Martinson Ag says corn is drifting Tuesday with some consolidation after hitting chart resistance on Monday and with liquidation ahead of first notice day on Friday and the end of the month.
Vince Boddicker with Farmers Trading Company says soybeans sank on profit taking and could see further liquidation going into first notice day and end of the month.
Will this be the summer of drought that never fully materialized for these two crops? While there are areas of dryness, both continue to flourish. Here’s a look at how August weather is expected to finish out this week across the country, as September comes into view.
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Mark Schultz, Northstar Commodity, says corn December corn closed above the $4 level on Friday and was nearly steady for the week.
Darin Newsom, senior market analyst with Barchart, Inc. says fund or managed money traders have stepped back in as the market is coming back to the reality that the grain fundamentals are bearish.
Kent Beadle with Paradigm Futures says corn is following the soybean market early Wednesday after USDA shocked the market with a record 188.8 bu. yield and 2 million more harvested acres. So did the report bottom the markets?
This alternative storage tool can give your farm a little wiggle room to play the futures markets and capture more return-on-investment this fall.
Brian Splitt with AgMarket.Net says new crop corn fell to contract lows after the August WASDE in reaction to USDA’s eye-popping 188.8 bushel per acre corn yield. However, soybeans rallied with ending stocks falling under 300 million bushels.
Arlan Suderman, chief commodities economist with StoneX, Inc., says soybeans led the rally with nearly 24-cent gains in November on hopes for China export business. But the market may have gotten ahead of itself.
Joe Glauber, senior research fellow with the International Food Policy Research Institute, says the trade imbalance may not be as concerning as it looks on the surface.
Grain markets failed to extend Thursday’s gains after hitting chart resistance and fear of record yields in the Aug. 12 WASDE. However, Shawn Hackett of Hackett Financial Advisors, says the market may have already priced in the biggest yields.
Randy Martinson, Martinson Ag, says grains markets all closed higher on Thursday as they were oversold and due for a corrective bounce.
Sam Hudson with Corn Belt Marketing says corn made contract lows again Wednesday as funds continue to sell on record yield estimates from private firms. However, the pressure is about more than just yield.
Greg McBride with Allendale, Inc. says soybeans and wheat saw early strength on Wednesday but the markets have struggled to hold gains with corn making new contract lows again.
John Heinberg of Total Farm Marketing says funds sold across the grain complex pushing corn to new contract lows again. Corn saw pressure from historically high crop ratings and record yield estimates.
Brady Huck with Advance Trading, Inc. says corn continues to grind into new contract lows with a strong crop rating of 73% good to excellent on Monday and StoneX’s record 188.1 bushel yield forecast.
Tommy Grisafi with Nesvick Trading Company says soybeans and meal both saw a short covering bounce after a long string of lower days, while corn made more contract lows.