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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Alan Brugler with A&N Economics says the bottom line is with that weakness in real, you’re going to see a little more competition out of Brazil on soybean exports when you’re looking at them in dollar terms.
Joe Kooima of Kooima Kooima Varilek says the reaction was a bit muted considering the placements were well below estimates. However, he says some of it was already priced in.
Dan Basse, president of Ag Resource Company, says he thinks the soybean market put in a bottom earlier in the week.
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