Grains end mostly lower positioning ahead of the WASDE Report, as the trade watches South American production and weather. However, there was some profit taking in soybeans and meal/oil spreads as soybean oil followed higher crude oil. Corn followed soybeans and wheat and continued to fail at chart resistance. Live cattle made more contract highs but ended lower on profit taking with some short covering in hogs to correct the market’s oversold condition. Mark Schultz of Northstar Commodity has analysis.
Grains End Lower Ahead of Report: Profit Taking in Fed Cattle After Contract Highs
Grains end mostly lower ahead of the WASDE, watching SA production, crude oil. Live cattle hit by profit taking after contract highs, with short covering in hogs. Mark Schultz of Northstar Commodity has analysis.
February 07, 2023 02:15 PM
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Allison Thompson with The Money Farm says the failure was likely position squaring heading into the three day holiday plus markets ran into chart resistance and saw some profit taking.
Scott Varilek with Kooima Kooima Varilek says cattle futures were struggling early Thursday with lower cash as the packers are trying to break the market with their own inventory.
Darren Frye with Water Street Solutions says the follow through buying was very important to show the higher close on Tuesday was not a head fake.
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