Corn and soybeans higher after holding major support the market is getting more technical buying awaiting harvest data. Wheat is seeing profit taking with the higher dollar. Funds back buying in cattle awaiting cash, while hogs consolidate with the drop in cutouts. Chuck Shelby, Risk Management Commodities, has more.
Row Crops See Technical Bounce Continue, Profit Taking in Wheat: Funds Back Buying in Cattle, Selling in Hogs
Row crops see the technical bounce continue awaiting yield data, wheat sees profit taking on a strong dollar. Funds back buying in cattle, while hogs consolidate. Chuck Shelby, Risk Management Commodities, has more.
September 14, 2023 01:05 PM
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Corn and soybeans were lower on Thursday seeing further consolidation after hitting chart resistance and with the WASDE on Friday.
Grain markets were lower on Wednesday and to start Thursday, seeing profit taking after hitting key chart resistance and with cooler, wetter extended weather forecast for the Midwest. That’s according to Randy Martinson with Martinson Ag.
Live cattle futures were lower again on Wednesday and have spent several consecutive days under the 100-day moving average. Brad Kooima with Kooima Kooima Varilek says it is looking like more than a healthy correction.
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