Grains close lower with soybeans pressured by lower soybean oil and SA rains, corn and wheat removed war premium. However, corn held support with the largest one day purchase of corn by Mexico ever. Livestock ended higher with technical buying and softer corn helping out. Michelle Rook talks with Alan Brugler of Brugler Marketing.
Soybeans Lower Following Soybean Oil, Grains Removed War Premium: Technical Buying Supports Livestock
Grains close lower with soybeans pressured by lower soybean oil and SA rains, corn and wheat removed war premium. Livestock ended higher with technical buying. Michelle Rook w/ Alan Brugler, Brugler Marketing.
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Despite higher weekly closes last week corn futures were lower Monday morning testing support.
Mark Schultz of Northstar Commodity says grain markets also saw some position squaring by traders heading into a three-day weekend as the markets are closed on Friday for Juneteenth.
Cattle futures were lower early Thursday seeing some profit taking after some technical chart breakouts this week, but also positioning ahead of the holiday.
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