Risk off selling continues in cattle, corn and soybeans ahead of the FOMC announcement and we’ve taken out critical support on the charts in those markets. Wheat stages a reversal after a drone strike on the Kremlin. Short covering continues in hogs. Vince Boddicker of Farmers Trading Company has details.
Wheat Rallies After Drone Strike on Kremlin: Risk Off Fund Selling Continues in Corn, Soybeans, Cattle
Risk off selling again in cattle, corn & soybeans ahead of the FOMC announcement and with support breached. Wheat bounces on a Russian war headline. Short covering in hogs. Vince Boddicker, Farmers Trading Company.
May 03, 2023 11:18 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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