Grains lower with profit taking in soybeans and meal, rain in the forecast for Argentina on the midday runs and China tensions rising. Corn and wheat following but the higher dollar isn’t helping. Cattle are trading mostly higher with new contract highs in nearby LC on lower corn, higher cash and cutouts. Hogs are also concerned about the China news and the futures premium to the LHI. Randy Martinson of Martinson Ag has more.
Grains and Hogs Mostly Lower on Technical Selling, China Tensions: Cattle Mostly Higher with Firmer Cash and Cutouts
Grains mostly lower on technical selling, Arg. rain chances, China tensions rising. Cattle lean higher with lower corn, higher cash, cutouts. China news pressures hogs. Randy Martinson of Martinson Ag has more.
February 06, 2023 11:37 AM
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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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