Grains mostly lower early on profit taking and a slight improvement in extended weather but we’re off lows. However, grain markets should be well supported with the escalation of the Black Sea war impacting grain supplies. Cattle rebound with higher cash, while hogs continue to see support from the rising cash index and higher cutouts. Chuck Shelby with Risk Management Commodities covers it all!
Grains Mostly Lower on Profit Taking, Weather: While Livestock Get Push From Higher Cash, Demand
Grains mostly lower with profit taking on better extended weather, but still supported by global supply concerns. Chuck Shelby, Risk Management Commodities says cattle and hogs supported by higher cash.
July 21, 2023 09:14 AM
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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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