Grains mostly lower with a risk off day due to outside markets on hawkish Fed comments, weather and resumption of Ukraine exports. Plus profit taking hit in old crop corn, beans and even some wheat contracts after hitting chart resistance. Cattle also saw consolidation with the risk off and awaiting cash and the COF, hogs bounce off contract lows but when does the market bottom? Don Roose of U.S. Commodities has details.
Grains and Cattle End Mostly Lower in a Risk Off Day Driven by Outside Markets, Profit Taking, Weather, Ukraine Export Resumption
Grains and cattle mostly lower with a risk off day due to outside markets on hawkish Fed comments, weather, resumption of Ukraine exports. Hogs bounce off contract lows. Don Roose of U.S. Commodities has details.
April 19, 2023 02:06 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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