Grains mixed early with wheat higher putting in risk premium and bouncing off technical support, profit taking in soybeans and meal with some concerns about rising China tensions. Corn is caught in the middle despite some export biz to Mexico and Japan. Live cattle are consolidating after new contract highs last week and steady to higher cash in the north. Funds are back selling hogs on the Chinese news. Kent Beadle of Paradigm Futures has details.
Grains Mixed with Profit Taking in Soybeans, Wheat Putting in Risk Premium: Cattle Consolidate After New Highs
Wheat higher putting in war premium, soybeans and meal lower on profit taking and Chinese tensions. Corn is caught in the middle. Cattle consolidate, while hogs see fund selling. Kent Beadle of Paradigm Futures.
February 06, 2023 09:15 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.
