Corn ends higher, soybeans lower with profit taking and correcting spreads and the corn/bean ratio, plus determining the balance sheets ahead of the WASDE. Wheat is a follower. Cattle consolidate and confirm reversals with steady to $1 lower cash in the south at $178, but is this a normal seasonal correction? Hogs also see spread unwinding after pushing nearbys to new highs for the move on strong cash and cutouts. Dave Chatterton, Strategic Farm Marketing has more.
Corn Higher, Soybeans Lower on Profit Taking, Correcting Spreads and Corn/Bean Ratio: Cattle and Hogs Consolidate
Corn up, soybeans down w/profit taking, correcting spreads & corn/bean ratio, pre-WASDE squaring. Wheat’s a follower. Cattle fall w/steady-$1 lower cash. Hogs consolidate. Dave Chatterton, Strategic Farm Marketing.
July 06, 2023 02:19 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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