Markets ended mostly lower as money flowed into the equities and metals & out of commodities. Corn and beans saw spread unwinding and profit taking, while wheat was lower on poor exports. Nearby cattle hit some new highs after record cash developed, then saw some hedge pressure. Tommy Grisafi of Advance Trading has details.
Markets Mostly Lower on Risk Off Selling, Profit Taking on Spreads: Cattle Hit by Hedge Pressure After Record Cash
Markets end mostly lower on risk off, profit taking on corn & soybean spreads, and poor exports. Nearby cattle hit new highs after record cash, then saw hedge pressure. Tommy Grisafi of Advance Trading.
April 13, 2023 02:35 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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