Corn higher, soybeans lower correcting spreads and the corn/bean ratio and working in drought concerns. Cattle further consolidate but cash still holding steady and the bull market isn’t over. Nearby hogs clear $100 and are $27 to $30 off contract lows, so will the buying spree continue? Scott Varilek, Kooima Kooima Varilek has analysis.
Corn Higher, Soybeans Lower on Spreads, Drought Concerns, Correcting Ratio: Cattle Further Consolidate, Nearby Hogs Clear $100
Corn higher, soybeans lower correcting spreads and the corn/bean ratio w/drought concerns. Cattle further consolidate but cash still holding steady. Nearby hogs clear $100. Scott Varilek, Kooima Kooima Varilek.
July 06, 2023 11:28 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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