Wheat

Re-engineered cameras and rugged GPUs make up the latest leap forward as John Deere forges ahead to a fully autonomous production system by 2030.

Randy Martinson, Martinson Ag, says corn and soybeans saw early pressure as both markets ran up into chart resistance which triggered fund profit taking.

Allison Thompson with The Money Farm says corn and soybeans both ran up into chart resistance and are seeing some profit taking by technical traders.

Darin Newsom with Barchart says corn and soybeans were higher on technical buying and adding some weather premium with a hot dry extended forecast for Argentina and Southern Brazil. Cattle futures followed record cash in the South.

DuWayne Bosse, Bolt Marketing, says corn scored a new six month high close for the move on dryness in the extended forecast in Argentina and funds adding to their long position.

Here’s a snapshot of distribution by state and crop as well as per-acre payment rates by crop for the $9.8 billion in market relief payments for farmers.

With strong demand fundamentals the corn market may be able to continue to march higher. Vince Boddicker with Farmers Trading Company says he’s not ruling out $5 corn but it will take several factors to push to that level.

Tommy Grisafi with Nesvick Trading Company says the grain markets saw light holiday trade and rebalancing of portfolios end of year. However, the higher weekly closes were encouraging, especially corn at a six month high.

Garrett Toay, AgTraderTalk, says corn made six month highs and finally closed above the 200 day moving average which has been tough chart resistance.

The CR includes nearly $110 billion in disaster and farmer aid, which includes $10 billion in farmer aid and $21 billion ag disaster aid. $2 billion of that disaster aid is specifically for livestock producers. The measure also includes a one-year extension of the 2018 Farm Bill.