Corn and soybeans continue lower ahead of the USDA report and profit taking in beans with a drop in bean oil. Wheat trying to bounce with lower crop ratings in Kansas. Cattle consolidate after new highs, awaiting cash direction and watching the stock market. Hogs lack support. Scott Varilek of Kooima Kooima Varilek has details.
Corn and Beans Lower with Report Positioning, Lower Bean Oil: Live Cattle Consolidate Awaiting Cash, Hogs Lack Support
Corn and soybeans lower on report positioning, profit taking in beans with lower BO. Cattle consolidate after new highs, lower DOW, await cash. Hogs lack support. Scott Varilek of Kooima Kooima Varilek.
March 07, 2023 11:38 AM
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Shawn Hackett with Hackett Financial Advisors says the market was removing China premium after the disappointing summit as the market wanted more details on ag purchases.
Scott Varilek with Kooima Kooima Varilek says cattle futures are back trading higher with their huge discount to the record cash trade. He says cash trade could get even crazier.
Grain markets crashed on Thursday with profit taking and fund liquidation tied to disappointment over the lack of agricultural purchase agreements during day one of the U.S. China summit.
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