Cattle are seeing more profit taking with the risk off in outside markets ahead of the FOMC decision, plus some lower cash in the south at $172. Hogs mostly lower as the futures wait for cash to catch up. Jul corn supported by strong cash, but funds selling Dec corn on weather and SA supplies. Will prices hold soon? Soybeans rally with strong crush demand. Brad Kooima of Kooima Kooima Varilek has details.
Cattle See Profit Taking with Risk Off and Softer Cash, Hogs Slide With Futures Premium to Cash: Are Funds Done Selling Yet in Grains?
Cattle see profit taking w/risk off, plus some lower southern cash at $172. Hogs mostly lower waiting for cash to catch up. Funds sell Dec corn, will prices hold soon? Brad Kooima, Kooima Kooima Varilek.
May 02, 2023 10:17 AM
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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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