Grains two-sided with profit taking and hedge pressure being offset by weather and global supply concerns. Live cattle make new highs the crash, hogs pushed by a rising index with Aug above $100. Mike Minor, Professional Ag Marketing.
Grains 2-Sided With Profit Taking vs. Weather and Global Supply Concerns: Cattle Make New Highs Then Crash, Hogs Pushed by Cash
Grains two-sided with profit taking & hedge pressure offset by weather & global supply concerns. Live cattle make new highs then crash, hogs pushed by a rising cash index. Mike Minor, Professional Ag Marketing.
July 20, 2023 12:10 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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