A tough down day in grains with massive fund selling, weather played a role as well as the China corn cancellation. Will China cancel any more business? Corn took out key chart support and all three classes of wheat made new contract lows, so when will the bleeding stop? Soybeans held support but for how long? Cattle are back near highs. And hogs wait for cash. Alan Brugler of Brugler Marketing has details.
Tough Day in Grain Markets on China Cancellation, Weather, Technical Selling: Cattle Back Near Highs, Hogs Wait for Cash
A tough down day in grains with massive fund selling, weather played a role as well as the China corn cancellation. Cattle back near highs, while hogs fail. More with Alan Brugler of Brugler Marketing.
April 27, 2023 02:19 PM
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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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