Grains end higher on weather, pre-report positioning with bullish soybean expectation and talk of China buying 10-14 cargos of new crop beans. Plus, risk on in outside markets and crop concerns supported wheat. Cattle end higher making contract highs in the back months with continued tight supplies and strong cash, while hogs continue to see strong demand through higher cash and cutouts. Arlan Suderman, StoneX Group has details.
Grains Higher on Weather, Report Squaring but Will USDA Cut Yields? Cattle Make New Highs, Hogs Pushed by Cash
Grains higher in a risk on day in outside markets, with weather & pre-report positioning. Cattle make contract highs in deferred with strong cash, hogs rally on higher cash, demand. Arlan Suderman, StoneX.
July 11, 2023 02:55 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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