Wheat

John Heinberg with Total Farm Marketing says the row crop markets are seeing continued pressure from three main fundamentals.

Darin Newsom with Barchart says wheat is higher adding war premium but soybeans and corn are seeing harvest pressure and trading South American weather.

Brian Grete, Pro Farmer, says wheat was supported by light fund short covering as traders were adding in some geopolitical risk premium.

Jerry Gulke, president of The Gulke Group, thinks the party is over in the grains, at least for now, due to several key factors.

DuWayne Bosse, Bolt Marketing, says grains saw profit taking after running up into some chart resistance.

Randy Martinson, Martinson Ag, says funds continue to cover shorts in the grain markets but there are some fundamentals also helping to support the rally.

Kent Beadle, Paradigm Futures says corn continues to move higher on fund buying and tighter corn stocks from USDA’s Quarterly Stocks Report. He thinks corn could eventually take out resistance on the charts and move higher.

Naomi Blohm, Total Farm Marketing, says corn and soybeans have rallied into chart resistance and will need three main fundamental factors to combine to keep prices moving higher.

Vince Boddicker with Farmers Trading Company says soybeans continue to see Brazil weather concerns and technical buying. When soybeans put in an early harvest low they tend to rally around 80 cents and have cleared that mark already. However, if Brazil stays dry the market could continue to price that in.

Grains started out mostly lower Wednesday but Darin Newsom with Barchart says they continue to see buying on the dips as funds are covering shorts and taking profits.