Grains are seeing corrective buying end of month and after running into chart resistance, plus a risk off in outside markets. Live cattle are also seeing profit taking after new contract highs, while hogs continue their recovery. Rich Nelson of Allendale has more.
Grains and Live Cattle Lower on Profit Taking End of Month and With Risk Off in Outside Markets: Hog Continue to Recover
Grains see corrective buying end of month, hit resistance, plus risk off in outside markets. Profit taking in LC after new contract highs, while hogs continue their recovery. Rich Nelson of Allendale has more.
January 31, 2023 09:00 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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