Grains ended lower with another risk off day, but also saw profit taking and spread unwinding after old crop corn and beans hit chart resistance. New crop held support areas, but what is the downside risk? Meanwhile, rain chances in HRW areas also weighed on wheat. Cattle recovered even with softer cash cattle trade, while June hogs hit another contract low. Chip Nellinger, Blue Reef Agri-Marketing covers it all!
Another Risk Off Day Sinks Grains, Plus Profit Taking and Rain Chances for Wheat: Cattle Recover Despite Steady/Softer Cash
Grains ended lower with another risk off day, but also saw profit taking. Rain chances also sunk wheat. Cattle recovered even with softer cash, but contract lows in hogs. Chip Nellinger, Blue Reef Agri-Marketing.
April 20, 2023 02:16 PM
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DuWayne Bosse of Bolt Marketing says the trade action Friday was disappointing in corn and soybeans after key reversals on Thursday.
Scott Varilek with Kooima Kooima Varilek says cattle futures were seeing some profit taking early Friday as they are overbought. However, futures haven’t stayed down long with the strength in the cash market.
Don Roose of U.S. Commodities says talk of China buying U.S. corn and soybeans helped spur the rally, but it was a combination of factors.
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