Mixed closes with wheat up on short covering and putting in war and weather premium, that supported corn as well as more China sales, while soybean saw additional corrective selling and pressure from Brazil’s record supplies and reports of imports into the SE U.S. Cattle saw some healthy profit taking, while funds covered some of their massive short position in hogs, which were oversold after new contract lows Thursday. Arlan Suderman of StoneX has details.
Wheat Higher on Weather Concerns, Corn Supported by China Biz, While Brazil’s Crop Weighs on Beans: Livestock Saw Corrective Action
Wheat put in war/weather premium, w/corn rebounding on China biz. Follow through selling in beans w/Brazil’s record supplies. Cattle saw some healthy profit taking, w/short covering in hogs. Arlan Suderman, StoneX.
April 14, 2023 02:11 PM
Related Stories
Shawn Hackett with Hackett Financial Advisors says the market was removing China premium after the disappointing summit as the market wanted more details on ag purchases.
Scott Varilek with Kooima Kooima Varilek says cattle futures are back trading higher with their huge discount to the record cash trade. He says cash trade could get even crazier.
Grain markets crashed on Thursday with profit taking and fund liquidation tied to disappointment over the lack of agricultural purchase agreements during day one of the U.S. China summit.
Read Next
Farmers in parts of the High Plains and Southeast need a break from relentless drought, while nationwide planting progress is outpacing the five-year average.
