Grains starting to drift with positioning ahead of reports, but old crop corn and soybeans have also hit some chart resistance. Cattle advance for the 5th day as funds reenter the market and with anticipation of higher cash. Hogs have turned mixed with the Hogs and Pigs Report out shortly. Jeff Hoogendoorn of Professional Ag Marketing has more.
Grains Drift in Report Mode, With Some Markets Hitting Chart Resistance: Cattle Build in Higher Cash, Hogs Square Ahead of USDA Data
Grains starting to drift in report mode, but some markets hit chart resistance. Funds buy in cattle working in higher cash. Hogs mixed ahead of Hogs and Pigs Report. Jeff Hoogendoorn, Professional Ag Marketing.
March 30, 2023 11:33 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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