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
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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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