Wheat is seeing profit taking despite slow spring wheat planting and a poor winter wheat crop rating. Corn and soybeans are quiet with spread trade and waiting for verification of the cold wet forecast ahead. Soybeans have also see support from a rally in bean oil and lower Argentina crop estimates. Some profit taking in live cattle awaiting cash direction with feeders supported by higher cash. Randy Martinson of Martinson Ag has more.
Wheat Consolidates, with Row Crops Trying to Hold Gains on Weather, Demand, Bean Oil Rally: Live Cattle Consolidate
Wheat sets back on profit taking, with corn & beans trying to hold watching weather, seeing spread trade. Live cattle are consolidating, while feeders are supported by strong cash. Randy Martinson of Martinson Ag.
April 18, 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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