Grains closed mixed ahead of USDA’s Quarterly Stocks Report while working in some better export sales. Wheat consolidated despite a weaker dollar awaiting fresh Black Sea export news. Traders were also squaring in the hogs ahead of the Hogs and Pigs Report, while cattle saw a short covering bounce. Michelle Rook and Mike Zuzulo of Global Commodity Analytics break it down.
Grains and Hogs Close Mixed with Report Positioning, Cattle Consolidate
Grains and hogs closed mixed positioning ahead of USDA reports, with cattle and wheat both consolidating. Michelle Rook and Mike Zuzulo of Global Commodity Analytics break it down.
September 29, 2022 02:18 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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