Grain markets ended higher on corrective buying after corn and soybeans held support but were also putting in weather premium. Wheat followed. How much of a relief rally can we expect? Cattle consolidated after putting in a double top and with a neutral COF report, hogs hit contract lows. Naomi Blohm, Total Farm Marketing has more.
How Far Can Grains Extend This Weather/Recovery Rally?: Profit Taking in Cattle, Contract Lows in Hogs
Corn and soybean markets were up on corrective buying and putting in weather premium. Wheat followed. Cattle saw profit taking after a neutral COF report, hogs hit contract lows. Naomi Blohm, Total Farm Marketing.
May 22, 2023 02:41 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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