Funds sell in the soybean complex after good weekend rains but hold the 100-day MA, corn follows, but is supported by wheat which was higher putting back in some war premium. Cattle see profit taking and hedge pressure, hogs bounce. Vince Boddicker, Farmers Trading Company has details.
Rain Pulls Down Soybeans and Corn Follows, Wheat Adds War Premium: Hedge Pressure in Cattle After New Highs in Feeders
Lower soybean complex after weekend rains, corn follows, wheat higher adding some war premium. Cattle see profit taking & hedge pressure, hogs bounce. Vince Boddicker, Farmers Trading Company has more.
August 07, 2023 02:41 PM
Related Stories
Alan Brugler with A&N Economics says the bottom line is with that weakness in real, you’re going to see a little more competition out of Brazil on soybean exports when you’re looking at them in dollar terms.
Joe Kooima of Kooima Kooima Varilek says the reaction was a bit muted considering the placements were well below estimates. However, he says some of it was already priced in.
Dan Basse, president of Ag Resource Company, says he thinks the soybean market put in a bottom earlier in the week.
Read Next
NASS says incorrect acreage weights for irrigated and nonirrigated fields affected September corn yield estimates for Kansas, Nebraska and the U.S. The agency’s October forecast remains unchanged.
Commodity Market Futures
Futures prices on grains, livestock, oil and more
Farm Journal TV
Trusted ag insights and real stories from rural America. Start your free trial today.
Pro Farmer
Join Pro Farmer today to access trusted market intelligence and expert analysis that help you make more confident decisions.
