Wheat and corn closed higher on Black Sea export concerns and putting in weather premium. Soybeans set back with lower meal and profit taking. Cattle saw more profit taking and hedge pressure, with more contract lows in the hogs. Kent Beadle with Paradigm Futures has analysis.
Wheat and Corn Up on Black Sea Export Concerns and Weather, Beans and Cattle Consolidate
Wheat and corn closed higher on Black Sea export concerns and putting in weather premium. Soybeans and cattle were hit by profit taking, with more contract lows in hogs. Kent Beadle, Paradigm Futures.
May 23, 2023 02:40 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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