Grains tried to recover Friday, but funds continued to sell on bearish fundamentals, poor technicals and the debt ceiling stalemate. Grains all posted lower weekly closes. Cattle were the bright spot with steady to higher cash, new high in feeders and higher weekly closes ahead of the COF. Don Roose of U.S. Commodities has the summary.
Grains Fail Friday and Post Sharply Lower Week as Funds Keep Selling: Cattle Up for the Week
Grains failed Friday as funds sold on bearish fundamentals, poor technicals and the debt ceiling stalemate. Cattle were the bright spot with steady to higher cash, new high in feeders. Don Roose of U.S. Commodities.
May 19, 2023 02:23 PM
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DuWayne Bosse of Bolt Marketing says the trade action Friday was disappointing in corn and soybeans after key reversals on Thursday.
Scott Varilek with Kooima Kooima Varilek says cattle futures were seeing some profit taking early Friday as they are overbought. However, futures haven’t stayed down long with the strength in the cash market.
Don Roose of U.S. Commodities says talk of China buying U.S. corn and soybeans helped spur the rally, but it was a combination of factors.
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