A mixed day in grain futures with bull spreading in corn and soybeans as old crop supplies are tight, while new crop sees pressure on better weather. Wheat ended mixed on spread trade as well. More highs in cattle chasing cash while hogs can’t seem to find a bottom in cash or futures which score new low closes. Garrett Toay of AgTraderTalk has details.
Old Crop Corn and Beans Supported by Tight Supplies and Bull Spreads: Cattle Chase Cash, While Hogs Fall With Cash
Corn and beans mixed with tight supplies and bull spreads, while new crop trades weather. Wheat also mixed on spreads. More highs in cattle chasing cash while hogs can’t find a bottom. Garrett Toay, AgTraderTalk.
April 12, 2023 04:51 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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