Corn and wheat trading lower after the WASDE with a 35 mb increase in new crop corn carryover, a 2 mmt increase in Brazil’s corn production and 6 mb increase in wheat, but the market is more focused on a wetter forecast. Soybeans saw an increase in ending stocks of 15 mb but export biz and higher bean oil are pushing the market. Cattle continue to consolidate. John Heinberg, Total Farm Marketing.
Grains Mixed After WASDE Focus on Weather, BO Rally: Cattle Consolidating
Corn, wheat lower w/35 mb increase in new crop corn carryover, 6 mb in wheat, but the focus is on a wetter forecast. Soybean carryout up 15 mb but export biz, higher BO support. John Heinberg, Total Farm Marketing.
June 09, 2023 11:49 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.
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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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