Fund selling in grains with bearish export news including the China corn cancellation, poor inspections, Black Sea and Brazilian competition. Cattle were lower in all but nearby live cattle, with the bearish COF and softer cash. Hogs saw short profit taking and spread unwinding with cattle. Mike Zuzulo of Global Commodity Analytics has details.
Funds Sell in Grains with Bearish Demand News Including China’s Cancellation, Brazil Competition: Cattle Mostly Lower on COF, Cash
Fund selling in grains with bearish export news including the China cancellation, poor inspections, Black Sea and Brazilian competition. Cattle down on COF, softer cash, hogs up. Mike Zuzulo, Global Commodity Analytics.
April 24, 2023 02:58 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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