Grains higher early except corn, but soybeans and meal are starting to slide as well. Pre-report positioning, SA weather and China trade concerns still being talked about. Wheat getting some support from a lower TX crop rating. Cattle are consolidating after contract highs in LC yesterday, while hogs started higher but are seeing technical selling pressure set back in. Tomm Pfitzenmaier of Summit Commodity Brokerage has more.
Grains Mixed Early on Report Positioning: Livestock Mostly Lower with Profit Taking in Live Cattle
Grains mixed w/report positioning and profit taking in meal and soybeans. Wheat supported on a lower crop rating in TX. Cattle consolidate after new highs. Tomm Pfitzenmaier of Summit Commodity Brokerage has more.
February 07, 2023 09:25 AM
Related Stories
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.
Read Next
With summer patterns running four weeks behind schedule, meteorologist Don Day urges growers to plan in short windows for the second half of the growing season.
