Higher closes except wheat as soybeans and meal added risk premium after frost in Argentina. However, beans failed to take out last week’s highs, so can the rally continue? Corn tried to follow but continues to coil, while wheat is lower on forecasted moisture in HRW areas. Cattle and hogs were higher working in strong cash and cutouts. Matt Bennett of AgMarket.Net has analysis.
Markets Close Higher Except Wheat: Grains Trade SA and U.S. Weather, While Strong Cash and Cutouts Support Livestock
The soybean complex was up on Argentina frost. Corn tried to follow but wheat failed with forecasted moisture in HRW areas. Livestock up working in strong cash and cutouts. Matt Bennett, AgMarket.Net has analysis.
February 21, 2023 02:16 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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