Corn and beans lower on profit taking and an improved August forecast. Old crop soybeans made new contract highs early then sold off scoring a key reversal. Wheat mixed waiting for fresh war news but spring wheat supported by lower yield on the Wheat Quality Council Tour. Live cattle further consolidate waiting for cash direction. Hogs mostly lower so is the seasonal rally over? Rich Nelson, Allendale has more.
Corn and Beans Lower on Profit Taking & Weather, Wheat Mixed: Live Cattle and Hogs Consolidate
Corn & beans lower on profit taking & improved weather. Wheat mixed awaiting fresh war news. Live cattle consolidate ahead of cash. Hogs mostly lower so is the seasonal rally over? Rich Nelson, Allendale has more.
July 28, 2023 08:20 AM
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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.
Sam Hudson of Corn Belt Marketing says funds sold the early bounce in grain markets with no bullish story.
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