Wheat
Sam Hudson with Corn Belt Marketing says the grain markets all hit technical resistance on the charts and may have seen profit taking.
Brad Kooima with Kooima Kooima Varilek says he was concerned the trade might view a slightly bearish Cattle on Feed report placement number as a reason to sell but the market was more focused on the higher cash trade Friday.
Grain markets closed strong on Friday and posted higher weekly closes across the complex. What drove the rally? Jim McCormick of AgMarket.Net points to a few notable factors.
Price action summary and outlook for the next 5, 30 and 90 day segments.
Live and feeder cattle futures were weaker to start Friday as the market was seeing some profit taking and caution ahead of the USDA Cattle on Feed Report according to Scott Varilek with Kooima Kooima Varilek.
Randy Martinson with Martinson Ag says wheat saw support on a combination of technical buying or short covering and the market was adding some weather premium.
Soybeans continued to rally on Thursday. Lane Akre, economist with Pro Farmer, says this isn’t just short covering.
Greg McBride with Allendale, Inc. says hot, dry weather is expected in much of Argentina and Southern Brazil in the next 10 days and it is hitting at the critical pod filling stage for some of the soybean crop.
Soybean futures are higher early Wednesday with the easing of risk-off selling pressure.
Grains futures consolidated on Tuesday with risk-off selling tied to outside market concerns regarding possible EU tariffs and retaliation according to Oliver Sloup with Blue Line Futures.