Grains higher with disappointing weekend rains and corrective buying, but soybeans are also supported by strong product values which is spilling over into wheat. Cattle set back on profit taking and lower boxed beef. While the dollar was down last week despite talk of additional interest rate hikes, so what clues is it providing about the economy? Darin Newsom, Barchart has more.
Grains Higher on Disappointing Weekend Rains, Corrective Buying, Strong Soy Products: Cattle See Profit Taking, Dollar Has Lower Week
Grains higher on disappointing rains corrective buying, strong soy products, which spilled over into wheat. Cattle see profit taking w/lower boxed beef. While the dollar was down last week. Darin Newsom, Barchart.
July 10, 2023 09:27 AM
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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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