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
Joe Kooima of Kooima Kooima Varilek says the gap lower opening in cattle futures Monday in response to the border reopening to Mexican imports was volatile. They anticipate more to come to price in the news, even after a $25 to $30 break in the futures recently.
Brian Grete with Commstock Investments says, “We’ve seen China come in and be a fairly active buyer over the past several weeks here of new crop U.S. soybeans. There was more talk of that on Friday. And so that gave us some price support.”
Scott Varilek with Kooima Kooima Varilek says the live cattle futures made new lows for the move Thursday before finding support and putting in key reversals.
Read Next
Machinery Pete warns farmers to act now before any increase in corn prices triggers a repeat of 2022’s all-time high auction prices.
Commodity Market Futures
Futures prices on grains, livestock, oil and more
Farm Journal TV
Trusted ag insights and real stories from rural America. Start your free trial today.
Pro Farmer
Join Pro Farmer today to access trusted market intelligence and expert analysis that help you make more confident decisions.
