Corn is lower this morning with a more favorable forecast, but is also following mostly lower wheat and both are seeing report positioning. Soybeans are up with a 7.2 mb export sale and higher bean oil. Cattle and hogs try to stabilize after a couple of days of profit taking, but where do they go from here? DuWayne Bosse, Bolt Marketing has more.
Corn, Wheat Mostly Lower on Weather, WASDE, Soybeans Up on Export Sale, Bean Oil: Livestock Bounce After Profit Taking
Corn and wheat mostly lower, on weather, report positioning. Soybeans up with an export sale & higher bean oil. Cattle and hogs try to stabilize after a two days of profit taking. DuWayne Bosse, Bolt Marketing.
June 09, 2023 09:24 AM
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Shawn Hackett of Hackett Financial Advisors says with wheat falling nearly $2 off the Sept. 2 contract highs, it isn’t a surprise that China and other buyers would see it as an opportunity to buy.
Darin Newsom, senior market analyst with Barchart, says the funds set the direction of the trend the problem is they have skewed the markets to the point that the real fundamentals in agriculture don’t really matter.
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