Wheat
Tommy Grisafi with Nesvick Trading says wheat led the grain markets on short covering Wednesday and pulled corn and soybeans off early lows.
Ag Resource Company’s Dan Basse breaks down the February WASDE report and looming acreage shifts.
Risk off in the outside markets also played a role in the selling pressure according to Lane Akre, economist with Pro Farmer. However, he doesn’t think all the China demand is priced into the soybean market.
Brian Grete with CommStock Investments says he thinks the price action on Friday is sending a strong signal about the soybean market direction.
DuWayne Bosse with Bolt Marketing says the soybean market is still trying to price in the possibility of China buying another 300 million bu. of soybeans this marketing year.
Randy Martinson with Martinson Ag says, “This is, you know, basically 8 million metric ton or roughly 294 million bushels of added soybean demand that we were not expecting.”
Traders want proof from China of the potential soybean buys according to Joe Vaclavik of Standard Grain.
Tyler Schau of AgMarket says cattle futures make new highs for the move on higher cash and the report tailwind. Soybeans followed soybean oil which rallied as Treasury released 45Z guidance and that pulled up corn.
As herbicide resistance builds, Extension urges farmers to diversify control tactics and use as many tools as possible this season.
Matt Bennett with AgMarket.Net says it was a money flow day as grains were influenced by the selloff in crude oil and the precious metal markets, plus the higher dollar.