Soybeans setting back on profit taking, lower bean oil and disappointment about lack of China export biz confirmation. Corn and wheat still higher on weather and uncertainty about yield and the Black Sea Grain Deal. Cattle power back and could negate Wednesday’s poor technical day. While hogs consolidating before the next leg up? Ted Seifried, Zaner Ag Hedge has analysis.
Soybeans See Profit Taking, Corn & Wheat Firm on Yield and Black Sea Grain Deal Uncertainty: Cattle Recover, Hogs Consolidate
Soybeans see profit taking with lower bean oil, no China biz. Corn & wheat up weather & uncertainty about yield, Black Sea Grain Deal. Cattle see technical bounce, while hogs consolidate. Ted Seifried, Zaner Ag Hedge.
July 14, 2023 11:48 AM
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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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