Wheat
Alan Brugler with A&N Economics, Inc. says the soybean market continues to be plagued by uncertainty over China’s soybean purchase commitments and a close below $11 projects lower prices.
Brad Kooima says both live and feeder cattle futures markets struggled Monday as the huge recovery off the lows put contracts up into 50% retracement levels.
Soybean futures ended sharply lower on Friday, with the January contract down 33¢ for the week. Matt Bennett with AgMarket.Net says the poor close is tied to mixed messages about a signed soybean agreement with China and sales progress.
Syngenta’s latest innovation knocks out corn rootworm and addresses a host of other yield-robbing pests in a variety of crops.
Vince Boddicker with Farmers Trading Company says grains took the path of least resistance on Wednesday trading lower with a lack of fresh bullish news.
Corn and wheat futures were lower early Wednesday seeing some profit taking after a higher close Tuesday says Darin Newsom, senior market analyst with Barchart.
Darren Frye with Water Street Solutions says the market was adding some geopolitical risk premium with tensions rising in the Black Sea region.
Randy Martinson with Martinson Ag says so far its estimated China purchased 3 MMT but in order for China to keep on pace it would need to buy over 2 MMT a week through the end of 2025.
The entire grain complex saw profit taking Monday after hitting chart resistance according to Allison Thompson with The Money Farm.
The question now is was this just a correction of the oversold status in the cattle markets? While a higher weekly close is positive, Varilek says recoveries often come in three day waves.