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The National Farm Machinery Show revealed one major theme: the supply chain is still posing major problems for ag equipment manufacturers, an issue that’s improving, but could still last the remainder of this year.
Fund selling continues as corn & beans have broken major support. Wheat is trying to bottom. Cattle back into contract highs with lower corn, higher cash ideas. Tomm Pfitzenmaier, Summit Commodity Brokerage.
Livestock mixed on end of month positioning. However, cattle should be supported by higher cash ideas this week. Funds continue to sell in grains taking out support. Brad Kooima of Kooima Kooima Varilek has more.
May Chicago wheat continued to bleed out yesterday, marking its lowest price since September 28th, 2021. That has brought the RSI to 29.63, which is considered to be “oversold”.
AgDay TV Markets Now: Kevin Duling of KD Investors talks about the continued fund selling in grains and how much lower the markets may go.
The Brazilian government is set to resume the collection of federal taxes on fuels this week, the Finance Ministry said on Monday.
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