Grains and hogs are lower early with a risk off day and spillover from outside markets with lower equity and crude oil prices. Corn and soybeans also see some profit taking and farmer selling after hitting chart resistance and Ukraine shipments have resumed which weighs on wheat. Live cattle continue to be supported by tight numbers and higher product values, while hogs retest contract lows.
Grains Lower Seeing Risk Off Selling, Profit Taking, Ukraine Exports Resume: Cattle Supported by Tight Supplies, New Lows in Hogs
Grains see risk off and corrective selling, plus Ukraine shipments resumed. Cattle supported with tight numbers, strong demand, but hogs hit new lows. Tomm Pfitzenmaier, Summit Commodity Brokerage.
April 19, 2023 09:15 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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