Soybeans and meal ended higher on technical buying, signaling the market may have taken out enough weather premium. Wheat saw more short covering, but corn ran into chart resistance and could not follow. Live cattle were mostly higher with the back months scoring new contract highs, but can they keep going? Hogs are oversold, but still ended lower. Don Roose of U.S. Commodities has analysis.
Soybeans and Meal End Higher After Removing Weather Premium, Wheat Sees Short Covering, While Deferred Live Cattle Score New Contract Highs
Soybeans, meal end higher and may have taken out enough weather premium. Wheat saw short covering, but corn couldn’t follow. Deferred live cattle scored new contract highs. Don Roose of U.S. Commodities has more.
January 25, 2023 02:04 PM
Related Stories
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.
Read Next
With summer patterns running four weeks behind schedule, meteorologist Don Day urges growers to plan in short windows for the second half of the growing season.
