Grains slide lower on Friday with more favorable weather and ideas of improving crop conditions but also awaiting supply direction from the WASDE including possible yield cuts. November soybeans closed below the level on the bullish report day. So how concerning is that? Cotton closes higher but the market is still rangebound. Cattle post a strong recovery with lower corn, strong exports and steady to higher cash in the north. Darren Frye, Water Street Solutions has analysis.
Grains Slide Lower on Favorable Weather, Awaiting WASDE and Possible Yield Cuts: Cotton and Cattle End Higher
Grains lower on favorable weather but also awaiting supply direction from the WASDE. Cotton closes higher but is still rangebound. Cattle post a strong recovery with lower corn. Darren Frye, Water Street Solutions.
July 07, 2023 02:23 PM
Related Stories
Shawn Hackett of Hackett Financial Advisors says with wheat falling nearly $2 off the Sept. 2 contract highs, it isn’t a surprise that China and other buyers would see it as an opportunity to buy.
Darin Newsom, senior market analyst with Barchart, says the funds set the direction of the trend the problem is they have skewed the markets to the point that the real fundamentals in agriculture don’t really matter.
Mark Schultz of Northstar Commodity, says the corn market may be running out of sellers as the funds have liquidated a big chunk of their long position. However, it is too early to call a bottom with corn harvest still underway.
Read Next
Forty-three candidates are running for the House and five for the Senate with backgrounds on apple orchards, dairy farms and cattle ranches.
Commodity Market Futures
Futures prices on grains, livestock, oil and more
Farm Journal TV
Trusted ag insights and real stories from rural America. Start your free trial today.
Pro Farmer
Join Pro Farmer today to access trusted market intelligence and expert analysis that help you make more confident decisions.
