AgDay TV Markets Now: Shawn Hackett, Hackett Financial Advisors says corn, beans and products see profit taking Monday ahead of the WASDE, watching extended weather. But will USDA actually cut yield on Wednesday?
AgDay TV Markets Now: Shawn Hackett Says Corn and Soybeans See Profit Taking Ahead of WASDE, Watching Yield and Extended Weather
AgDay TV Markets Now: Shawn Hackett, Hackett Financial Advisors says corn, beans and products see profit taking Monday ahead of the WASDE, watching extended weather. But will USDA actually cut yield on Wednesday?
July 10, 2023 05:25 PM
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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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