Soybeans roared back into the close with the help of products, while corn and wheat were mostly lower on fund selling, weather, removing war premium and the higher dollar. Cattle had a strong close bouncing off support and with help from higher product values and cash ideas, hogs reversed lower on profit taking. DuWayne Bosse, Bolt Marketing has more.
Soybeans Recover, Corn and Wheat Pressed by Weather, Dollar, Fund Selling: Cattle Bounce Off Support with Higher Product
Soybeans recovered with the products, corn and wheat were lower on weather and the higher dollar. Cattle closed strong with help from higher product, hogs reversed lower. DuWayne Bosse, Bolt Marketing has more.
August 01, 2023 02:37 PM
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Alan Brugler with A&N Economics says the bottom line is with that weakness in real, you’re going to see a little more competition out of Brazil on soybean exports when you’re looking at them in dollar terms.
Joe Kooima of Kooima Kooima Varilek says the reaction was a bit muted considering the placements were well below estimates. However, he says some of it was already priced in.
Dan Basse, president of Ag Resource Company, says he thinks the soybean market put in a bottom earlier in the week.
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