Wheat

Jon Scheve, Superior Feed Ingredients, says grain markets extended gains early Tuesday. He thinks the rally in grains may be more than just technical buying or a recovery rally.

DuWayne Bosse, Bolt Marketing, says most of the bounce in the grain markets was short covering or short profit taking.

Brad Kooima of Kooima Kooima Varilek, says cattle futures are in recovery mode for a second day after scoring key weekly reversals last week on the charts, a bearish sign of a possible top. Corn is also trying to bounce after new lows for the year in the December contract.

Shawn Hackett, Hackett Financial Advisors, says grain and cotton markets all ended lower on Friday and for the week. He provides several reasons he thinks the market participants are too bearish compared to the fundamentals.

Soybeans are down with soybean oil which touched limit down overnight on unconfirmed rumors EPA would setting RVO levels for biomass based diesel below anticipated levels.

Ted Seifried, Zaner Ag Hedge, says soybeans have been seeing continued strength off the bullish WASDE numbers allowing it to clear some technical objectives. But the market needs other fundamental factors to come together to clear $11.

Vince Boddicker, Farmers Trading Company, thinks more constructive developments on trade with China are part of the equation but so is the push from soybean oil.

John Heinberg, Total Farm Marketing, says soybeans saw profit taking pressure early Tuesday but clawed back to close slightly higher with the help of the soybean oil market. However, corn continues to fail.

Tomm Pfitzenmaier, Summit Commodity Brokerage, says soybeans are seeing some profit taking after the rally Monday and after running into chart resistance in the July contract around $10.75 Monday night.

Chip Nellinger, co-owner of Blue Reef Agri-Marketing, says soybeans soared on the combination of positive China trade news and the bullish May WASDE.