Wheat
Naomi Blohm of Total Farm Marketing says corn, soybeans and soybean meal saw fund buying and weather premium being added early in the session with hot and dry weather forecasts for 15 days out in Argentina and Southern Brazil.
Re-engineered cameras and rugged GPUs make up the latest leap forward as John Deere forges ahead to a fully autonomous production system by 2030.
Randy Martinson, Martinson Ag, says corn and soybeans saw early pressure as both markets ran up into chart resistance which triggered fund profit taking.
Allison Thompson with The Money Farm says corn and soybeans both ran up into chart resistance and are seeing some profit taking by technical traders.
Darin Newsom with Barchart says corn and soybeans were higher on technical buying and adding some weather premium with a hot dry extended forecast for Argentina and Southern Brazil. Cattle futures followed record cash in the South.
DuWayne Bosse, Bolt Marketing, says corn scored a new six month high close for the move on dryness in the extended forecast in Argentina and funds adding to their long position.
Here’s a snapshot of distribution by state and crop as well as per-acre payment rates by crop for the $9.8 billion in market relief payments for farmers.
With strong demand fundamentals the corn market may be able to continue to march higher. Vince Boddicker with Farmers Trading Company says he’s not ruling out $5 corn but it will take several factors to push to that level.
Tommy Grisafi with Nesvick Trading Company says the grain markets saw light holiday trade and rebalancing of portfolios end of year. However, the higher weekly closes were encouraging, especially corn at a six month high.
Garrett Toay, AgTraderTalk, says corn made six month highs and finally closed above the 200 day moving average which has been tough chart resistance.
The CR includes nearly $110 billion in disaster and farmer aid, which includes $10 billion in farmer aid and $21 billion ag disaster aid. $2 billion of that disaster aid is specifically for livestock producers. The measure also includes a one-year extension of the 2018 Farm Bill.
Chip Nellinger, Blue Reef Agri-Marketing says soybeans recovered off Thursday’s new contract lows on fund short covering and profit taking, plus market talk that China was in buying soybeans. Corn put in the highest weekly close in six months.
Grain markets are seeing value and technical buying but Kent Beadle of Paradigm Futures says the rebound in soybeans is supported by a recovery in the Brazilian Real.
Scott Varilek of Kooima Kooima Varilek says soybeans see a dead cat bounce off contract lows Thursday. Meanwhile, cattle futures end lower despite good early cash news. So is this topping action?
Darin Newsom, Senior Market Analyst with Barchart, says soybeans are trying to stage a dead cat bounce after making new contract lows, along with soy products. The stock market is also trying to recover.
The same week Congress released the proposed CR that included $31 billion in aid for producers, a Farm Journal poll asked farmers for their thoughts on whether Congress should pass economic aid.
What’s ahead for the grain prices the last few weeks of 2024? Rich Nelson with Allendale, Inc. says historical and seasonal tendencies are at play in the grain markets. However, South American weather will also be a focus.
Pro Farmer Editor Brian Grete, says soybeans fell with rain in Brazil and big crop forecasts, plus a disappointing NOPA crush report.
Oliver Sloup, Blue Line Futures, says corn saw continued technical selling and profit taking after the inability to take out chart resistance.
Randy Martinson, Martinson Ag, says soybeans are seeing profit taking on South American weather and despite another 7.3 million bu. of export business this morning,
Bryan Doherty, Total Farm Marketing, says corn ended lower on a combination of profit taking and farmer selling after running into chart resistance.
Mark Schultz, NorthStar Commodity, says corn and soybeans are overbought and failed to get above resistance on the charts which is triggering profit taking. Live cattle make new highs for the move on sharply higher cash trade.
Alan Brugler of A&N Economics, LLC says corn started higher still digesting the bullish cut to ending stocks in the December WASDE but ran into chart resistance.
Kent Beadle, Paradigm Futures, says grains are extending gains from Tuesday on technical and fund buying as the markets. The markets are still digesting the bullish USDA report data for corn and even wheat.
Darren Frye, Water Street Solutions, says grains close higher after the WASDE and USDA’s surprise cut in corn ending stocks by 200 million bushels.
Matt Bennett with AgMarket.Net says the agency shocked the market in the December WASDE by lowering ending stocks on corn 200 million bu. to 1.738 billion bu., with an increase in demand.
Data from the state weather forecasting agency last week indicated that over 37% of winter crops are in poor condition or have not sprouted due to low moisture levels.
Arlan Suderman, Chief Commodities Economist for Stone X, says corn and wheat ended higher on value buying after wheat hit contract lows last week. Soybeans continue to be under pressure with favorable weather in Brazil and basis levels below the U.S.
Brad Kooima, Kooima Kooima Varilek, says cattle are working in last week’s higher fed cash cattle trade. Grains are also mostly higher adding geopolitical risk premium and ahead of the WASDE.
Bryan Doherty, Total Farm Marketing, says March corn sees a chart breakout Friday above $4.35 and posts a higher weekly close, pricing in strong demand and lower expected ending stocks in Tuesday’s WASDE.