Grains ended mixed with corn rallying on dry weather but how much weather premium does the market need to put in? Soybeans couldn’t follow after failing technically. Rains in the South weighed on both wheat and cotton. Cattle scored more contract highs with higher cash, while hogs hit new lows. Darren Frye of Water Street Solutions has analysis.
Corn Higher Putting in Weather Premium, Wheat Takes it Out & Soybeans Fail with Poor Technicals: Cattle Follow Higher Cash
Corn rallies on dry weather, but soybeans can’t follow after failing technically. Rains in the So. weighed on wheat and cotton. Cattle score more contract highs on strong cash. Darren Frye, Water Street Solutions.
May 24, 2023 03:28 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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