Grains mixed with soybeans bouncing off chart support with the help of strong new crop weekly exports and a 4.9 mb new crop sale to China. Corn and wheat continue to see technical selling and disappointing exports. Cattle started lower but quickly found support. Stock indexes and crude oil took a break yesterday, but what is the long-term outlook? Darin Newsom, Barchart has details.
Corn, Wheat Lower, Soybeans Recover Trading Weather, Export News: Cattle Start Lower and Quickly Recover
Equities and oil took a break yesterday but what is the long-term outlook. Grains mixed trading weather and export news. Cattle trying to recover after a pullback, awaiting cash. Darin Newsome Barchart, has more.
August 03, 2023 09:16 AM
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Alan Brugler with A&N Economics says the bottom line is with that weakness in real, you’re going to see a little more competition out of Brazil on soybean exports when you’re looking at them in dollar terms.
Joe Kooima of Kooima Kooima Varilek says the reaction was a bit muted considering the placements were well below estimates. However, he says some of it was already priced in.
Dan Basse, president of Ag Resource Company, says he thinks the soybean market put in a bottom earlier in the week.
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