Grains end higher after the WASDE and only slight domestic adjustments to the balance sheets. USDA was more aggressive on Argentina cuts but left Brazil unchanged and most of it was already worked into prices. Wheat saw short covering and traded some geopolitical concerns. Hogs bounced with higher cash and cutouts, while cattle consolidated under this week’s highs awaiting cash. John Heinberg of Total Farm Marketing has more.
Grains Higher After WASDE, Wheat Leads on Short Covering: Live Cattle Consolidate Under Contract Highs
Grains up after minor U.S. changes in WASDE. Argentina cuts were bigger, but already priced in. Wheat saw short covering. Hogs bounced, while cattle consolidated.. John Heinberg of Total Farm Marketing.
February 08, 2023 04:09 PM
Related Stories
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.
Read Next
With summer patterns running four weeks behind schedule, meteorologist Don Day urges growers to plan in short windows for the second half of the growing season.
