Corn and soybeans see profit taking Friday after hitting chart resistance, plus see a pickup in farmer selling. However, they post higher weekly closes and could build on that next week. SRW wheat up on China biz. Crude oil and cotton rally on Middle East conflict. Cattle consolidate. Darren Frye, Water Street Solutions, has the recap.
Corn and Soybeans Lower on Profit Taking but Post Higher Week: Crude Oil, Cotton Higher on Middle East Conflict
Corn and soybeans, even cattle see profit taking Friday. SRW wheat up on China biz. Crude oil and cotton rally on Middle East conflict. Darren Frye, Water Street Solutions, has the recap.
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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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After a down day on Tuesday the grain markets were higher early Wednesday a result of short covering according to Lane Akre, economist with Pro Farmer. However, he thinks the market has also taken out too much weather premium.
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