Early technical selling in corn and wheat after lower weekly closes, report positioning and talks progressing on the Black Sea Export deal. Soybeans rebound with meal making new highs on Argentina crop concerns. Cattle firmer with new highs in feeders on strong cash cattle trade on Friday. Profit taking in hogs.
Soybeans Rebound with New Highs in Meal, Corn and Wheat See More Technical Selling: Cattle Firm with Higher Cash, Hogs See Profit Taking
Technical selling in corn & wheat, report positioning and hope on the Black Sea Export deal. Soybeans rebound w/meal making new highs on Argentina crop concerns. Cattle up with strong cash. Profit taking in hogs.
March 06, 2023 09:36 AM
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Chip Nellinger of Blue Reef Agri-Marketing says the soybean complex saw technical selling with funds still holding a sizable long in soybeans and meal.
Joe Kooima of Kooima Kooima Varilek says the bounce in cattle isn’t unexpected as Friday’s selloff may have been overdone and with the financial markets seeing a recovery.
The grain markets saw an ugly October with huge losses on fund selling. Brian Grete with CommStock Investments says he’s not sure if the fund selling is done.
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