Corn and wheat ended lower with profit taking, even after news the Black Sea Grain Deal is done. Soybeans were supported by weather and higher meal and talk of China biz. Live cattle consolidated under contract highs awaiting cash and reports, with feeders supported by weaker corn. Hogs mostly lower with a sense the cash market top is near. Brian Grete with Pro Farmer has details.
Corn and Wheat See Profit Taking After News Grain Deal Done, Soybeans Supported by Meal, Weather: Livestock End Mixed
Corn and wheat lower on profit-taking, despite news the grain deal is done. Soybean higher w/meal, wx concerns. Live cattle consolidate off contract highs awaiting cash, hogs sense a cash top. Brian Grete, Pro Farmer.
July 17, 2023 06:33 PM
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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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