Markets Today
Dave Chatterton with Strategic Farm Marketing says the markets needs a catalyst like South American weather or demand to find a bottom.
Scott Varilek with Kooima Kooima Varilek says the outside market news has been a factor in cattle but the main catalyst for the selling has been sharply lower cash trade which started breaking early in the week.
Bryan Doherty with Total Farm Marketing says speculative selling is a common theme in the commodity markets.
Chip Nellinger of Blue Reef Agri-Marketing says the soybean complex saw technical selling with funds still holding a sizable long in soybeans and meal.
Joe Kooima of Kooima Kooima Varilek says the bounce in cattle isn’t unexpected as Friday’s selloff may have been overdone and with the financial markets seeing a recovery.
The grain markets saw an ugly October with huge losses on fund selling. Brian Grete with CommStock Investments says he’s not sure if the fund selling is done.
Scott Varilek with Kooima Kooima Varilek says the cattle futures rally out of the report was disappointing and did not last long indicating a possible exhaustion on the charts.
Shawn Hackett of Hackett Financial Advisors says with wheat falling nearly $2 off the Sept. 2 contract highs, it isn’t a surprise that China and other buyers would see it as an opportunity to buy.