Wheat
Wheat futures were up 30 to 35 cents early Wednesday adding risk premium as Russia and Ukraine attacks have escalated says Jamie Gieseke with Paradigm Futures.
Rich Nelson, chief strategist for Allendale says row crops are pausing right now until the weather story is really decided, while wheat is concerned about rising tensions in the Black Sea region.
Kevin Duling with KD Investors says corn and soybeans eased with a 1% improvement in ratings, while the weather is moderating.
Dave Chatterton with Strategic Farm Marketing says the market initially traded the heat for this week which is unwelcome for corn during pollination time.
Brad Kooima, Kooima Kooima Varilek, says the cattle charts look tough right now.
For Jerry Gulke, president of the Gulke Group, the action further confirmed the grain futures forged significant lows on June 30.
Corn futures ended 8 to 9 cents higher on Friday on the heels of the sharply higher wheat market and friendly numbers in the July WASDE.
July WASDE report cuts corn supplies more than expected, tightening global stocks and raising stakes for rest of growing season.
Corn and soybeans were lower on Thursday seeing further consolidation after hitting chart resistance and with the WASDE on Friday.
Grain markets were lower on Wednesday and to start Thursday, seeing profit taking after hitting key chart resistance and with cooler, wetter extended weather forecast for the Midwest. That’s according to Randy Martinson with Martinson Ag.