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
Related Stories
Jim McCormick of AgMarket.Net says the grain market has taken out premium tied to weather, war and China.
Scott Varilek with Kooima Kooima Varilek says the cattle market saw some pre-weekend positioning and was also trading news that a JBS beef slaughter plant in Pennsylvania was closing.
Chip Nellinger, Blue Reef AgriMarketing says corn saw pressure from weather and lack of bullish news in the WASDE.
Read Next
Prioritize specific agronomic outcomes—like erosion control or nitrogen fixation—before opening the seed catalog.
