Corn and beans lose early strength on a little shift in the weather forecast and end of month profit taking. Cattle are also seeing some consolidation end of month, awaiting cash direction. Short covering has pulled hogs back higher despite lower cash and cutouts but with weights dropping there is longer term optimism. Jeff Hoogendoorn, Professional Ag Marketing, has more.
Row Crops Reverse Early Stength on Profit Taking, Forecast Change: Cattle Consolidate Ahead of Cash, Short Covering in Hogs
Row crop back lower on a shift in weather and profit taking. Cattle also see consolidation awaiting cash. Short covering pulls hogs higher despite lower cash. Jeff Hoogendoorn, Professional Ag Marketing, has more.
August 30, 2023 11:52 AM
Related Stories
Dan Basse, president of Ag Resource Company, says he thinks the soybean market put in a bottom earlier in the week.
Scott Varilek with Kooima Kooima Varilek says the live cattle were overbought after rallying $21 off the lows.
Sam Hudson of Cornbelt Marketing says soybeans bounced as harvest pressure is subsiding and that should allow a bottom to be forged, especially with China buying.
Read Next
NASS identified a processing error affecting September corn data for Kansas, Nebraska and national figures. The agency says its October forecast of 181.2 bu. per acre remains unchanged, leaving questions about the yield jump.
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.
