Thursday’s market closes ended mixed in the grains.
Soybeans rallied in reaction to strong weekly exports, talk of China business and a strong day in soybean meal. Soybeans were also able to shrug off a plunge in soybean oil tied to Indonesia lifting their export ban on palm oil. Wheat futures continued their steep selloff and confirmed key reversals on continued profit taking off new highs and with better than expected results from the Wheat Quality Council Tour. Corn held up despite the lower wheat market following crude oil and weather concerns.
Livestock closed mostly lower with continued concerns about demand tied to recessionary talk triggering more fund and technical selling pressure. Cattle continued to work in $2-$3 lower cash trade this week and squaring ahead of the Cattle on Feed Report.
AgDay’s Michelle Rook visits with DuWayne Bosse of Bolt Marketing for market analysis.
Check the latest market prices in AgWeb’s Commodity Markets Center.
