Grain markets were down this week, but it's not all bad.

"We've been seeing the market in an overbought condition, so we did need to see a little retracement," Randy Martinson told AgweekTV's Michelle Rook on this week's Agweek Market Wrap.

The sell-off in the grains was "needed" to potentially bring in new buyers, Randy explained. And whether rain falls in South America this weekend will probably determine how interested new buyers are.

Randy and Michelle also discussed whether soybeans could go over $12 as new buyers get in the game, whether China will keep buying corn and soybeans and what's holding down the wheat markets. They also talked about how the cattle and hog markets are really tied to the outlook for a vaccine for COVID-19.

To watch previous episodes of the Agweek Market Wrap, click here.

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