The WASDE showed only slight adjustments in demand but still confirmed the U.S. isn’t competitive and will need a big cut in yield to overcome that. The grains turned the focus to weather and soybeans followed the rally in soybean oil. Cattle ended mixed, with some recovery in the hogs. Jim McCormick of AgMarket.Net has details.
Grains Mixed on Weather, Poor Demand in WASDE, Beans Follow Rally in Soybean Oil: Livestock Try to Recover
The WASDE made only adjustments but confirmed the U.S. isn’t competitive. So, grains turned traded weather, beans rallied with soybean oil. Cattle and hogs tried to recover. Jim McCormick. AgMarket.Net.
June 09, 2023 03:18 PM
Related Stories
Scott Varilek with Kooima Kooima Varilek says the cattle futures rally out of the report was disappointing and did not last long indicating a possible exhaustion on the charts.
Shawn Hackett of Hackett Financial Advisors says with wheat falling nearly $2 off the Sept. 2 contract highs, it isn’t a surprise that China and other buyers would see it as an opportunity to buy.
Darin Newsom, senior market analyst with Barchart, says the funds set the direction of the trend the problem is they have skewed the markets to the point that the real fundamentals in agriculture don’t really matter.
Read Next
With the lame-duck session looming, lawmakers scramble to mend a divided Ag Committee over SNAP funding as insiders predict another extension.
Commodity Market Futures
Futures prices on grains, livestock, oil and more
Farm Journal TV
Trusted ag insights and real stories from rural America. Start your free trial today.
Pro Farmer
Join Pro Farmer today to access trusted market intelligence and expert analysis that help you make more confident decisions.
