Grains are mixed with pre-holiday positioning and short covering in the case of wheat, plus trading weather and poor weekly exports. Cattle see profit taking and hedge pressure after hitting contract highs and watching debt ceiling talks, hogs hit contract lows. DuWayne Bosse of Bolt Marketing has details.
Profit Taking in Grains Ahead of Holiday, Watching Weather, Exports, Debt Ceiling Talks: Cattle Consolidate After New Highs
Grains mixed on pre-holiday positioning, profit taking, weather and poor weekly exports. Cattle see profit taking and hedge pressure after contract highs, hogs make contract lows. DuWayne Bosse, Bolt Marketing.
May 25, 2023 11:25 AM
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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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