Wheat
Live cattle are sharply lower with limit down moves in feeders under expanded limits on Monday morning. Brad Kooima says now the focus is on the possibility of the U.S. dropping the 50% additional tariffs on beef imports.
Soybeans futures hit new highs for the move on Thursday as Greg McBride with Allendale, Inc. says there is growing optimism about a trade deal with China that will include soybean purchases.
Randy Martinson with Martinson Ag says soybeans are hitting new highs for the move with the tailwind of comments from President Trump about getting a trade deal with China next week in South Korea.
Garrett Toay with AgTraderTalk says after the recent rally corn and soybeans ran into chart resistance. However, outside markets had a negative impact with the selloff in precious metals and the rally in the dollar.
Oliver Sloup, Blue Line Futures, says corn, soybeans and wheat all saw technical buying this week after bouncing off key support on the charts. The key is can the markets build on it next week?
Kevin Duling of KD Investors says soybeans saw some short covering and technical buying but got a fundamental push from rising Brazilian basis levels.
Sam Swanson with The Money Farm says soybeans are seeing short covering as U.S. Treasury Secretary Bessent said the possibility of extending a pause of import duties on Chinese goods for longer than three months exists if China halts its plan for strict new export controls on rare-earth elements.
Brady Huck with Advance Trading says corn and soybeans have been holding support and holding up well amid harvest pressure and the China trade woes.
Vince Boddicker with Farmers Trading Company says corn saw some short covering and spillover buying from the rally in the wheat market. However, soybeans ended off lows with the rally in feed grains but still saw pressure on lingering China trade woes.
Mike Zuzolo with Global Commodity Analytics says soybean futures closed slightly higher on Monday as trade tensions with China seemed to ease over the weekend. However, he says the soybean market doesn’t totally trust that a deal is going to take place.