Wheat
That percentage doesn’t tell the complete story, however. While farmers in the West and southeast Texas have endured weeks of dry conditions that’s not been the case in the central Corn Belt where growing conditions have been excellent.
Oliver Sloup, Blue Line Futures, says it was a combination of short covering and technical buying heading into a long holiday weekend but the announcement of a trade deal with Vietnam also provided a spark.
Allison Thompson withThe Money Farm says some of recovery in corn is a technical bounce off of new contract lows in both old and new crop contracts on Tuesday. She thinks the corn market has also been getting ahead of itself and is too bearish on yield.
Wheat streak mosaic virus decimated some fields this season, say K-State Extension specialists. The problem is also showing up and expanding in other key wheat-producing states. What farmers do this fall will determine whether the disease is reined in or takes off again next season.
John Heinberg, Total Farm Marketing, says corn made new contract lows again as funds continue to sell with no major weather threat to the crop and improved crop ratings. But how low will prices go?
Joe Kooima of Kooima Kooima Varilek says live and feeder cattle futures had a gap lower opening this morning on news from USDA of a phased re-opening of the border to Mexican cattle starting July 7.
Shawn Hackett, Hackett Financial Advisors, says the June 30 reports have traditionally produced some fireworks, especially as they coincide with the end of the month and quarter which also triggers some portfolio re-balancing by the funds, but that didn’t happen Monday.
Matt Bennett, AgMarket.Net says, the corn market is breathing a sigh of relief as some whisper numbers on acreage were substantially larger than the March intentions.
Randy Martinson, Martinson Ag, chalks the recovery up to short covering heading into the weekend and position squaring ahead of Monday’s USDA reports.
Jerry Gulke, president of the Gulke Group, says some in the market attributed the recovery to short covering but he thinks a some significant trade developments also played a role, as well as the upcoming USDA reports.