Markets closed mostly higher with contract highs in soybean meal on South American crop concerns. That supported soybeans and corn, but they ended off highs running into chart resistance. Wheat continued to trade Black Sea export concerns. Contract highs in live cattle working in higher cash. John Payne of Hedge Point Global Markets has more.
Meal Closes Above $500 Supporting Soybeans, Wheat Trades Black Sea Export Concerns
Meal closed above $500 on SA crop losses lifted beans and corn. Black Sea export concerns supported wheat. Live cattle hit contract highs on strong cash. John Payne of Hedge Point Global Markets has more.
February 13, 2023 02:10 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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