Corn under pressure with rains falling today, while soybeans bounce off retracement ahead of the reports. Cattle bounce after a weaker start on lower corn and light fund buying and despite softer cash. So does the market trade sideways for a while? Hogs consolidate ahead of the report and may have put in a short term top. Scott Varilek of Kooima Kooima Varilek has details.
Corn Falls with Rain, Soybeans Bounce Off Retracement: Cattle Recover with Lower Corn, Hogs Consolidate Pre-Report
Corn lower as rains fall, while soybeans bounce off retracement ahead of reports. Cattle bounce off weak start on lower corn, light fund buying. Hogs consolidate pre-report. Scott Varilek of Kooima Kooima Varilek.
June 29, 2023 11:38 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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