Grains closed mixed with corn and KC wheat running into chart resistance, but new highs in soybean meal on Argentina weather supported soybeans. Livestock rebounded on technical short covering, but cattle are still digesting the inventory numbers and got help from strong exports. Chip Nellinger of Blue Reef AgriMarketing has more.
Grains End Mixed with Corn and KC Wheat Hit Chart Resistance, New Highs in Meal Supports Soybeans: Short Covering in Livestock
Grains closed mixed as corn and KC wheat hit chart resistance, but new highs in soybean meal helped soybeans. Livestock rebounded on technical short covering. Chip Nellinger of Blue Reef AgriMarketing has more.
February 02, 2023 02:08 PM
Related Stories
Corn futures ended 8 to 9 cents higher on Friday on the heels of the sharply higher wheat market and friendly numbers in the July WASDE.
Early Friday cattle utures tried to stage an early recovery but it was short lived as funds have been selling every rally. Scott Varilek with Kooima Kooima Varilek says his fear is the high is in the cattle market.
Corn and soybeans were lower on Thursday seeing further consolidation after hitting chart resistance and with the WASDE on Friday.
Read Next
Two Midwest farmers report they are ready to treat corn acres, but uneven stands and tight margins cause hesitation for soybean applications.
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.
