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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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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