Grains rally midday on technical buying getting above key resistance on corn and beans and eyeing gap areas. However, weather, positioning ahead of the crop tour and geopolitical concerns are also factors. Cattle reverse and see short covering pre-COF and with higher cutouts, hogs extend gains. Jim McCormick, AgMarket.Net has more.
Grains Rally on Weather, Technical Buying Pre-Crop Tour: Cattle Rebound Pre-Report, Hogs Extend Gains
Grains up on technical buying, weather, crop tour squaring and geopolitical concerns. Cattle reverse and see short covering pre-COF and with higher cutouts, hogs extend gains. Jim McCormick, AgMarket.Net has more.
August 18, 2023 11:43 AM
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Dan Basse, president of Ag Resource Company, says he thinks the soybean market put in a bottom earlier in the week.
Scott Varilek with Kooima Kooima Varilek says the live cattle were overbought after rallying $21 off the lows.
Sam Hudson of Cornbelt Marketing says soybeans bounced as harvest pressure is subsiding and that should allow a bottom to be forged, especially with China buying.
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