Grains ended mixed on Thursday with corn and wheat giving back gains after several higher sessions.
Mike Zuzulo, Global Commodity Analytics, says both markets saw some profit taking and in the case of corn maybe even some early harvest pressure.
He has talked to several of his clients that are already combining corn and even some soybeans in parts of Kansas, Illinois and Kentucky.
Soybeans started off lower Thursday but there was buying on the break that lifted prices a couple of cents higher into the close.
Zuzulo says export business to China and unknown was part of the support, as well as drought in Brazil and soybean oil had a huge rally following higher canola.
“The canola market was sharply lower the last couple of days in reaction to China’s anti-dumping case against Canadian canola imports and the rebound in that market helped soybean oil and soybeans,” he explains.
The cattle market had a tough down day technically as funds have continued to liquidate.
However, cash also developed $2 lower at $181 in the South and $288 in the North and that was negative for the market.
