Grains end mostly lower again except hard wheat classes with more technical selling on China cancellations, fast planting, WASDE positioning. But is the market too bearish heading into the WASDE? Cattle had a strong short covering rally anticipating better cash, with hogs also ending higher but will there be any follow through buying? Garrett Toay, AgTraderTalk has more.
Grains Mostly Lower on China Cancellations, Fast Planting, WASDE but is the Market Too Bearish?: Livestock Close Higher
Grains mostly lower except hard wheat classes w/technical selling on China cancellations, fast planting, WASDE positioning. Cattle saw short covering on better cash ideas, w/hogs also up. Garrett Toay, AgTraderTalk.
May 09, 2023 03:03 PM
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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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