Grains drift into the close with profit taking end of quarter and after many contracts hit chart resistance. What does the trade need to see in the reports tomorrow to not continue the sell off? Live cattle make new contract highs with sharply higher cash, but how much higher will the market go? And cotton rallied looking for lower acres Friday. John Payne, Hedge Point Global Markets has details.
Grains See Profit Taking EOQ and Ahead of Reports, but Cotton Rallies: Live Cattle Make New Highs With Sharply Higher Cash
Grains drift on profit taking after many contracts hit chart resistance. Live cattle make new contract highs on sharply higher cash. Cotton rallied anticipating lower acres. John Payne, Hedge Point Global Markets.
March 30, 2023 02:21 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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