Markets closed mostly higher Friday except feeders. The short covering rally in grains was led by wheat with conflicting reports of a Russia wheat ban, but more China sales supported corn. The question is are the funds done liquidating in soybeans? Live cattle and hogs also saw a technical bounce. Tomm Pfitzenmaier of Summit Commodity Brokerage has details.
Markets Close Mostly Higher on Short Covering: Rally in Grains Led by Wheat With Conflicting Reports of Russia Export Ban
Wheat led a short covering rally in grains w/conflicting news of a Russia wheat ban. More China biz helped corn. But are funds done selling soybeans? LC saw a technical bounce. Tomm Pfitzenmaier, Summit Commodity.
March 24, 2023 02:33 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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