Corn and wheat held gains on corrective buying, but soybeans couldn’t stay above $15 with a pickup in farmer selling and improved weather in Argentina. Live cattle saw some light fund buying, with feeders mixed. Hogs still can’t find a bottom with rising slaughter numbers and soft cash. Brian Grete with Pro Farmer has analysis.
Corn and Wheat See Corrective Buying, but Soybeans Fade Early Gains: Livestock Mixed and Two-Sided
Corn and wheat saw corrective buying, but soybeans couldn’t stay above $15 with farmer selling and improved weather in Argentina. LC saw fund buying, while hogs were lower. Brian Grete, Pro Farmer has details.
January 24, 2023 02:05 PM
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Corn futures ended 8 to 9 cents higher on Friday on the heels of the sharply higher wheat market and friendly numbers in the July WASDE.
Early Friday cattle utures tried to stage an early recovery but it was short lived as funds have been selling every rally. Scott Varilek with Kooima Kooima Varilek says his fear is the high is in the cattle market.
Corn and soybeans were lower on Thursday seeing further consolidation after hitting chart resistance and with the WASDE on Friday.
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