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
Related Stories
Grain markets all made new lows for the move on additional fund long liquidation says Randy Martinson with Martinson Ag Risk Management.
Mark Knight with Farmers Keeper Financial says the funds are exiting as the grains have divorced from the crude oil market and are trading weather.
Garrett Toay with AgTraderTalk says the grains fell despite the sharply higher crude oil market but why now?
Read Next
Some of the easier entry points for corn and soybean farmers looking to capture higher returns can deliver $200 or more per acre.
