An ugly day in corn and wheat futures with massive technical selling, closing below key support. Soybeans recovered despite another sharply lower day in soybean oil. Cotton was also lower. Livestock closed mostly higher, with lower corn, firmer cash cattle trade and technical buying in hogs. Darren Frye with Water Street Solutions has details.
Ugly Technical Day in the Corn and Wheat Markets, but Soybeans Recover: Livestock Higher
Massive technical selling in corn and wheat, closing below key support. Soybeans recovered despite lower BO. Livestock mostly higher, with firm cash cattle and technical buying. Darren Frye, Water Street Solutions.
December 02, 2022 05:24 PM
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Brad Kooima of Kooima Kooima Varilek says cattle futures are down with a risk off day in the ag markets. End of quarter profit taking and talk of a packer bailout is also weighing on futures.
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.
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