Wheat

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.

Chip Nellinger, Blue Reef Agri-Marketing says soybeans recovered off Thursday’s new contract lows on fund short covering and profit taking, plus market talk that China was in buying soybeans. Corn put in the highest weekly close in six months.

Grain markets are seeing value and technical buying but Kent Beadle of Paradigm Futures says the rebound in soybeans is supported by a recovery in the Brazilian Real.

Scott Varilek of Kooima Kooima Varilek says soybeans see a dead cat bounce off contract lows Thursday. Meanwhile, cattle futures end lower despite good early cash news. So is this topping action?

Darin Newsom, Senior Market Analyst with Barchart, says soybeans are trying to stage a dead cat bounce after making new contract lows, along with soy products. The stock market is also trying to recover.