Grains end mostly lower on fund selling and report positioning with bearish expectations for new crop supplies. The exception was corn which bounced after holding last week’s lows. Cattle see profit taking after hitting chart resistance and with bearish outside markets. Hogs fail after yesterday’s reversals as the futures again wait for the cash and demand to firm. Mike Minor, Professional Ag Marketing has details.
Grains Mostly Lower Expect Corn Which Holds Lows Ahead of WASDE: Profit Taking Hits Cattle and Hogs
Grains mostly lower except corn, with short covering after holding last week’s lows as markets for the WASDE Report. Cattle and hogs see profit taking w/bearish outside markets. Mike Minor, Professional Ag Marketing.
May 10, 2023 02:53 PM
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.
