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
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Mark Schultz of Northstar Commodity says grain markets also saw some position squaring by traders heading into a three-day weekend as the markets are closed on Friday for Juneteenth.
Cattle futures were lower early Thursday seeing some profit taking after some technical chart breakouts this week, but also positioning ahead of the holiday.
Soybeans ended higher as rumored export business was confirmed by USDA with a flash sale of 13.7 million bu. to unknown destinations. However, China was also looking for corn and wheat.
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