Grains rally on weather, big drop in crop ratings and subsoil moisture levels, plus fund buying. Corn, soybeans, even KC wheat close above key chart areas so how much upside is there? Cattle consolidate with higher corn but is there much downside risk? And hogs see some profit taking with higher meal. Tomm Pfitzenmaier, Summit Commodity Brokerage has details.
Grains Explode on Weather, Drop in Ratings and Close Above Key Resistance: Cattle and Hogs Consolidate in Face of Higher Feed
Grains rally on weather, drop in ratings, subsoil moisture, fund buying. How much upside is left? Cattle consolidate w/ corn up. Profit taking in hogs w/higher meal. Tomm Pfitzenmaier, Summit Commodity Brokerage.
June 21, 2023 02:50 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.
