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
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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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