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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Brian Grete with Commstock Investments says, “We’ve seen China come in and be a fairly active buyer over the past several weeks here of new crop U.S. soybeans. There was more talk of that on Friday. And so that gave us some price support.”
Scott Varilek with Kooima Kooima Varilek says the live cattle futures made new lows for the move Thursday before finding support and putting in key reversals.
Garrett Toay with AgTraderTalk says after the big rally to start the week the grain markets saw some profit taking and corrective selling.
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