Grains end lower with fund selling and profit taking on better rain chances and risk off. So are corn and beans topping? Wheat ends higher for the week so what’s brewing? What’s the next move for cattle? Hogs post a lower weekly close, so is that market topping? Mike Zuzulo, Global Commodity Analytics has the answers.
Are Tops in After Grains End Lower on Profit Taking, Better Rain Chances?: Livestock Mixed
Grains lower w/fund selling/profit taking on better rain chances, risk off. But yet wheat is up for the week. What’s the next move for cattle? Is the hog market topping? Mike Zuzulo, Global Commodity Analytics.
June 23, 2023 03:59 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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