Grains had a tough down day with end of month profit taking by funds, positioning on first notice day and markets removed weather premium with rains over the weekend and better extended forecasts. Wheat also extracted war premium. Live cattle slide with disappointing cash, while feeders bounced with lower corn and hogs consolidated month end as well. Tomm Pfitzenmaier, Summit Commodity Brokerage has details.
Grains Sharply Lower on Month End Profit Taking, Removing Weather Premium: Live Cattle Price in Soft Cash, Hogs Consolidate
Lower grains with month end fund selling, removing weather, war premium. Live cattle slideon softer cash, feeders up with lower corn. Hogs saw end of month profit taking. Tomm Pfitzenmaier, Summit Commodity has more.
July 31, 2023 02:58 PM
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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.
Dan Basse, president of Ag Resource Company, says he thinks the soybean market put in a bottom earlier in the week.
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