Grains mixed with some profit taking, hedge selling, slow exports and shrinking drought being offset by weather and war concerns. Cattle higher with the softer corn and higher cash, strong exports and bullish report ideas, with the cash index also pushing hogs. Scott Varilek, Kooima Kooima Variilek has more.
Grains Mixed With Hedge Pressure, Profit Taking vs Weather, War Concerns: Cattle and Hogs Get Push From Lower Corn, Higher Cash
Grains mixed with profit taking, hedge selling offset by weather and war concerns. Cattle higher with the softer corn and higher cash ideas, with the LHI also pushing hogs. Scott Varilek, Kooima Kooima Variilek.
July 20, 2023 09:18 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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