Grains Stage a Poor Finish to the Week on Profit Taking: Cattle Surge

Oliver Sloup, Blue Line Futures, says corn saw continued technical selling and profit taking after the inability to take out chart resistance.

Grains end the week lower, with cattle mixed and hogs higher.

Oliver Sloup, Blue Line Futures, says corn saw continued technical selling and profit taking after the inability to take out chart resistance.

However, he thinks its just a matter of time before the underlying strong demand in the market pushes corn over these technical areas, especially with the funds long.

Soybeans also saw profit taking after reaching the top end of the trading range and failing.

Wheat futures ended lower with spillover weakness in corn and soybeans.

Cattle were mixed on Friday with live cattle ending higher working in sharply higher cash trade and negating the reversal from Thursday.

For the week Feb. live cattle were up $5.85 and April was $4.70 higher.

Feeders were weak on Friday with news the U.S. and Mexico have reached an agreement on protocols that may allow Mexican feeder cattle imports to enter as soon as the holidays.

An official announcement is yet to come.

Lean hog futures recovered after some hedge selling pressure on Thursday as Sloup says the funds continue to buy on the breaks.

AgWeb-Logo crop
Related Stories
Mike Castle of StoneX says with a lack of any major news, corn and soybeans saw a bit of positioning ahead of the Aug. 12 WASDE Report
Agronomists detail how your variety selections and planting strategy might need to adapt to better manage risk during the growing season and protect yield at harvest.
Allison Thompson with The Money Farm says grains are drifting quietly lower with no fresh new news and awaiting the WASDE.
Read Next
A year after StoneX’s survey shocked the market, two StoneX economists sit down for an exclusive interview, saying this year’s numbers tell a very different story about what will drive prices.
Get News Daily
Get Market Alerts
Get News & Markets App