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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Mark Schultz of Northstar Commodity says grain markets also saw some position squaring by traders heading into a three-day weekend as the markets are closed on Friday for Juneteenth.
Cattle futures were lower early Thursday seeing some profit taking after some technical chart breakouts this week, but also positioning ahead of the holiday.
Soybeans ended higher as rumored export business was confirmed by USDA with a flash sale of 13.7 million bu. to unknown destinations. However, China was also looking for corn and wheat.
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