Short covering in wheat, but corn and soybeans held back by risk off outside markets & no bullish news in weather, exports. Cattle fade with lower equities, hogs can’t sustain a rally. Mark Schultz, Northstar Commodity has more.
Short Covering Emerges in Wheat, But Risk Off in Outside Markets and Lack of Bullish Demand or Weather News Weighs on Rest of Commodities
Short covering in wheat, but corn & soybeans held back by risk off outside markets & no bullish news in weather, exports. Cattle fade w/lower equities, hogs can’t sustain a rally. Mark Schultz, Northstar Commodity.
May 04, 2023 12:10 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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