Wheat

Shawn Hackett with Hackett Financial Advisors says it will be tough for corn to run to $5 because report just confirmed what the market already knew.

Allison Thompson with The Money Farm says corn has rallied nearly $1 and soybeans around 50 cents off the lows. So production and ending stocks will need to come in well under trade estimates in the USDA reports for prices to push higher.

Mark Schultz, Northstar Commodity, says corn and soybeans saw pressure from some rain added to the 11-15 day weather forecast in Argentina and Southern Brazil and USDA report positioning. Cattle saw profit taking and maybe some reaction to the border opening to Mexican feeder cattle imports soon.

Rich Nelson with Allendale, Inc. says grain markets are seeing early pressure with a rebound in the U.S. dollar index back near recent highs, but also watching South American weather and ahead of USDA reports on Friday.

Kent Beadle with Paradigm Futures says corn and soybeans are seeing profit taking and farmer selling after hitting chart resistance on Monday at previous highs and retreating.

Naomi Blohm of Total Farm Marketing says corn, soybeans and soybean meal saw fund buying and weather premium being added early in the session with hot and dry weather forecasts for 15 days out in Argentina and Southern Brazil.

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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.