Wheat
Tomm Pfitzenmaier with Summit Commodity Brokerage says farmers need to use the strong basis levels, especially on corn, to make some cash sales. However, there are options they can use to take advantage of a rally later on.
Scott Varilek of Kooima Kooima Varilek says cattle futures are being led by the feeders and the cash market which is on fire out in the country. Grains are sliding early despite solid export business.
DuWayne Bosse of Bolt Marketing says corn and wheat held risk premium tied to the escalating conflict in the Black Sea and despite a higher dollar.
At the same time, USDA has given HB4 wheat, which features a trait for drought tolerance, the green light for development.
Tomm Pfitzenmaier with Summit Commodity Brokerage says grains are facing the headwind of returning strength in the U.S. dollar index and the lack of weather threats. Soybean oil losses are additionally pulling down soybeans.
Matt Bennett, AgMarket.Net, says wheat was up for a third day continuing to see short covering by managed money traders and adding war premium. However, corn could not follow with soybeans as an anchor.
Darin Newsom, Senior Market Analyst with Barchart, says wheat is higher for a third day seeing short covering and adding risk premium with tension escalating in the Black Sea and threats by Russia to use nuclear weapons.
Ted Seifried, Zaner Ag Hedge, says wheat led the rally in the grains initially on a weaker dollar and adding geopolitical premium.
Brad Kooima, Kooima Kooima Varilek, says live cattle have held chart support so far even with lower cash and cutouts but feeders are the real leaders as funds continue to buy. Grains find strength on wheat’s lead and with a lower dollar.
Naomi Blohm, Total Farm Marketing, says grains held technical support areas on Friday and saw corrective buying. She thinks the recovery can continue after Thanksgiving.