Grains end lower as funds sell removing weather premium. Corn and soybeans do chart damage and have lower weekly closes. Wheat ends higher for the week still holding some war premium. Cattle supported by lower corn and feedlots holding out for higher cash, but post lower weekly closes. While the cash index keeps pulling along hog futures and August has a chart breakout. John Heinberg, Total Farm Marketing has analysis.
Grains Lower Friday Removing Weather Premium, Row Crops do Technical Damage: That Supports Livestock
Grains lower as funds sell removing weather premium, row crops do chart damage. Cattle supported by lower corn, higher cash bids. The LHI keeps pulling along hog futures. John Heinberg, Total Farm Marketing has more.
July 28, 2023 02:38 PM
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Brian Grete with Commstock Investments says, “We’ve seen China come in and be a fairly active buyer over the past several weeks here of new crop U.S. soybeans. There was more talk of that on Friday. And so that gave us some price support.”
Scott Varilek with Kooima Kooima Varilek says the live cattle futures made new lows for the move Thursday before finding support and putting in key reversals.
Garrett Toay with AgTraderTalk says after the big rally to start the week the grain markets saw some profit taking and corrective selling.
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