Grains see profit taking with a slight change in the weather and a quieter Black Sea news day, but markets may have enough risk premium for now. Cattle continue to correct technically despite bullish fundamentals. Hogs pushed by cash and product but will August take out resistance on the charts? Jeff Hoogendoorn, Professional Ag Marketing covers it all.
Grains See Profit Taking Awaiting War and Weather Changes: Cattle Consolidate Despite Bullish Fundamentals, Hogs Pushed by Cash, Cutout
Grains see profit taking & may have enough risk premium for now. Cattle continue to correct technically despite bullish fundamentals. Hogs pushed by cash, product. Jeff Hoogendoorn, Professional Ag Marketing has more.
July 25, 2023 11:37 AM
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Randy Martinson of Martinson Ag says soybeans are trying to bounce early Tuesday with talk of China looking for more soybeans and a stabilization of the real.
Alan Brugler with A&N Economics says the bottom line is with that weakness in real, you’re going to see a little more competition out of Brazil on soybean exports when you’re looking at them in dollar terms.
Joe Kooima of Kooima Kooima Varilek says the reaction was a bit muted considering the placements were well below estimates. However, he says some of it was already priced in.
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