Another risk off day on recession fears spilling into the commodities. However, cattle have been consolidating and cash trade looks a little weaker, so is this action confirming a blow off top? Hogs aren’t seeing any follow through buying after yesterday’s reversal and corn and beans are lower so how much downside risk is there in those markets? Scott Varilek, Kooima Kooima Varilek has details.
Another Risk Off Day Causes Selling in Commodities: Are Cattle Confirming a Blow Off Top and What’s the Downside Risk in Grains?
Another risk off day in commodities. Cattle consolidate with weaker cash, while hogs aren’t seeing follow through buying. Row crops are lower but how much downside risk is there? Scott Varilek, Kooima Kooima Varilek.
April 20, 2023 09:11 AM
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DuWayne Bosse of Bolt Marketing says the trade action Friday was disappointing in corn and soybeans after key reversals on Thursday.
Scott Varilek with Kooima Kooima Varilek says cattle futures were seeing some profit taking early Friday as they are overbought. However, futures haven’t stayed down long with the strength in the cash market.
Don Roose of U.S. Commodities says talk of China buying U.S. corn and soybeans helped spur the rally, but it was a combination of factors.
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