Wheat is the price leader on dryness concerns in spring wheat areas and slow HRW harvest. Corn makes new lows for the move and soybeans fade seeing profit taking after hitting resistance and with rains the last 24 hours and more in the forecast. Feeders make contract highs as corn weakens, while live cattle consolidate and hogs make new highs for the move on cash and cutout strength. Mark Schultz, Northstar Commodity has more.
Wheat Leads on Weather Concerns, But Corn and Soybeans Fade on Rain: Feeders Make Contract Highs, With Hogs Strong
Wheat up w/dryness concerns in HRS & slow HRW harvest. Corn & beans see profit taking. Feeders make contract highs, live cattle consolidate and hogs follow higher cash, cutouts. Mark Schultz, Northstar Commodity.
July 05, 2023 11:17 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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