Grains ended lower on Wednesday. Jim McCormick of AgMarket.Net says traders took profit taking as markets hit chart resistance, but soybeans, meal and wheat also removed some weather premium. Cattle saw some short covering, but weather and report positioning were also factors. Hogs continued to slide with cash.
Markets Close Mostly Lower Wednesday: Grains See Profit Taking and Remove Weather Premium
Grains ended lower on profit taking, removing weather premium. Jim McCormick of AgMarket.Net says cattle saw short covering, but weather and report positioning were also factors. Hogs continued to slide with cash.
January 18, 2023 02:07 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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