Corn and soybeans try to bounce technically as they are oversold but also putting some weather premium in. Wheat falters with rain in HRW areas, and poor demand with the EU importing wheat. Cattle consolidate after a neutral COF and the atypical BSE case, but higher corn weighs on feeders. Hogs trying to recover. Tomm Pfitzenmaier of Summit Commodity Brokerage has more.
Corn and Beans Bounce on Corrective Buying, Markets Watch Weather: Cattle Consolidate after Neutral COF, Atypical BSE Case
Corn & soybeans bounce technically as they are oversold but also putting some weather premium in. Wheat falters on poor demand. Cattle consolidate after a neutral COF. Tomm Pfitzenmaier, Summit Commodity Brokerage
May 22, 2023 11:56 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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