Wheat rallies sharply with corrective buying on weather and harvest concerns, plus a threat on Ukraine’s nuclear plant. New crop corn and beans hold slight gains still factoring in weather and acreage shifts. Profit taking and hedge pressure hits cattle after new highs, while hogs push higher following strong cash and cutouts with improved demand. Don Roose, U.S. Commodities has details.
Wheat Rallies on Crop Concerns and Corrective Buying, New Crop Corn and Beans Hold Slight Gains: Profit Taking Hits Cattle After New Highs
Wheat up on wx, harvest concerns, Ukraine nuclear plant threat. Row crops hold gains digesting acreage & wx. Profit taking hits cattle after new highs, hogs follow higher cash & cutouts. Don Roose, U.S. Commodities.
July 05, 2023 02:50 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.
