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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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.
Sam Hudson of Corn Belt Marketing says funds sold the early bounce in grain markets with no bullish story.
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