A mixed day in grain and livestock. Profit taking hit soybeans, meal and cotton, plus rising China tensions. Corn was slightly higher but is stuck in a trading range, while wheat was mixed but is at least holding support. Live cattle made new contract highs again with higher cutouts and cash with some reports of $159-$160. Hogs weighed on by China news and the futures premium to the LHI. Alan Brugler of Brugler Marketing has details.
Mixed Closes with Soybeans & Meal Lower on Profit Taking, China Tensions: Live Cattle Hit Contract Highs on Higher Cash
A mixed day w/beans and meal down on profit taking, rising China tensions. Corn slightly higher but rangebound. LC made new contract highs with higher cutouts and cash. Alan Brugler, Brugler Marketing has more.
February 06, 2023 02:15 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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