Grains and cotton mostly lower, except corn and new contract highs in soybean meal. The risk off outside markets such as lower crude oil and a sharply higher dollar weighed on futures. However, South American weather is still in focus. Livestock end mostly higher with live cattle scoring more new contract highs. Cash cattle started to trade in the north at $248 to mostly $250, up $2 and $159. Darin Newsom with Barchart has details.
Grains Mostly Lower Following CO and Higher Dollar, SA Weather: Livestock Lean Higher with Higher Cash Trade
Grains, cotton mostly lower following outside markets like CO, higher dollar. However, SA weather still a focus. Livestock up with new contract highs in LC and better cash. Darin Newsom with Barchart has details.
February 03, 2023 06:36 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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