AgDay TV Markets Now: Mike Zuzulo with Global Commodity Analytics says grains take a break, but the weather market isn’t over as one rain event isn’t going to wipe out the drought areas.
AgDay TV Markets Now: Mike Zuzulo says Weather Market Isn’t Over in Grains
AgDay TV Markets Now: Mike Zuzulo with Global Commodity Analytics says grains take a break, but the weather market isn’t over as one rain event isn’t going to wipe out the drought areas.
June 26, 2023 07:02 AM
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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.
Darin Newsom, senior market analyst with Barchart, says the funds set the direction of the trend the problem is they have skewed the markets to the point that the real fundamentals in agriculture don’t really matter.
Mark Schultz of Northstar Commodity, says the corn market may be running out of sellers as the funds have liquidated a big chunk of their long position. However, it is too early to call a bottom with corn harvest still underway.
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