Markets higher except for new crop corn. More technical buying in grains with the lower dollar and declining Argentina crop ratings helping. Soybeans have hit the 50-percent retracement level. Cattle bounce with firmer cash, but did live cattle put in a reversal? Randy Martinson of Martinson Ag has more.
Markets Mostly Higher with Short Covering in Grains: May Soybeans Cross 50% Retracement
Markets mostly higher. More short covering in grains w/ the lower dollar and declining Argentina ratings. Soybeans hit 50% retracement. Cattle bounce with firmer cash. Randy Martinson of Martinson Ag.
March 03, 2023 09:02 AM
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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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