Geopolitical headlines sparked technical buying in grains and crude oil today, including Russia’s oil production cut. New contract highs in soybean meal due to Argentina production concerns and talk of China soybean business also fueled the soybean rally. Will it continue into next week? And what about future Fed rate hikes? Tommy Grisafi of Advance Trading covers all these topics.
SA Crop Concerns, Geopolitical Headlines Drive Rally in Grains: Including Russia’s Oil Production Cut
Geopolitical headlines sparked technical buying in grains and crude oil today, including Russia’s oil production cut. Argentina crop concerns push soybean meal to new highs. Tommy Grisafi of Advance Trading has more.
February 10, 2023 01:55 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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