Funds sell in corn and wheat on weather, poor exports, WASDE positioning and bearish outside markets. Dec corn took out long term chart support. While soybeans recover with help from meal and a lower Argentina crop estimate. Lower cash pushes down live cattle and hogs react to the Prop 12 ruling. Rich Nelson of Allendale has more.
Funds Sell Corn and Wheat on Poor Exports, WASDE, Soybeans Recover with Meal: Live Cattle Follow Soft Cash, Hogs React to Prop 12
Funds sell in corn & wheat on wx, poor exports, WASDE, outside markets. While soybeans bouce w/meal, lower Argentina estimate. Lower cash weighs on live cattle, hogs react to Prop 12. Rich Nelson, Allendale.
May 11, 2023 02:45 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.
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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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