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
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Brian Grete with Commstock Investments says, “We’ve seen China come in and be a fairly active buyer over the past several weeks here of new crop U.S. soybeans. There was more talk of that on Friday. And so that gave us some price support.”
Scott Varilek with Kooima Kooima Varilek says the live cattle futures made new lows for the move Thursday before finding support and putting in key reversals.
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