Grain and livestock markets mostly lower except some mixed trade in cattle. Soybeans and corn are seeing profit taking and have worked in the Argentina crop concerns. Cash basis levels on grains are also starting to soften in the country. Nick Tsiolis of Farmer’s Keeper says there is downside risk and provides some marketing advice.
Markets Mostly Lower Early: Corn, Soybeans Consolidating and Cash Basis Softening
Markets mostly lower early with profit taking in corn and beans with Argentina crop concerns dialed in. Cash basis levels on grains are also softening. Nick Tsiolis of Farmer’s Keeper says there is downside risk.
February 22, 2023 09:53 AM
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Shawn Hackett with Hackett Financial Advisors says the market was removing China premium after the disappointing summit as the market wanted more details on ag purchases.
Scott Varilek with Kooima Kooima Varilek says cattle futures are back trading higher with their huge discount to the record cash trade. He says cash trade could get even crazier.
Grain markets crashed on Thursday with profit taking and fund liquidation tied to disappointment over the lack of agricultural purchase agreements during day one of the U.S. China summit.
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