Cattle see continued profit taking awaiting cash direction but with tight showlists there is hope for steady at worst. Higher corn a headwind for feeders. Hogs score more contract lows still waiting for the cash index to catch up. Corn and wheat extend gains putting in weather premium, while soybeans are held back by lower meal and profit taking. Brad Kooima of Kooima Kooima Varilek has details.
Corn and Wheat Extend Gains on Weather, With Profit Taking in Beans and Cattle: Contract Lows in Hogs
Profit taking in cattle w/higher corn, awaiting cash. Hogs score more contract lows. Corn, wheat extend gains on weather, with profit taking in beans. Brad Kooima of Kooima Kooima Varilek.
May 23, 2023 09:15 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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