Wheat extends gains after Wednesday’s reversal. Soybeans and corn hold together in a risk off day with bearish weather and exports. Cattle consolidated but again brushed off bearish bank news, while hogs saw follow through selling on the futures premium and lower cutouts. Chip Nellinger, Blue Reef Agri-Marketing has more.
Wheat Extends Gains, While Corn and Beans Hold up in a Risk Off and Bearish News Day: Cattle Consolidate
Wheat extends gains after Wednesday’s reversal. Soybeans and corn hold together in a risk off day with bearish weather and exports. Cattle consolidated, hog fail. Chip Nellinger, Blue Reef Agri-Marketing.
May 04, 2023 02:26 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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