Corn and new crop soybeans end higher putting in weather premium but talk of yield loss is premature. Wheat ends mixed, so what’s driving the market? Cattle recover and could retest highs with more record cash prices. Hogs build on the recent rally. While outside markets await Fed announcement. Arlan Suderman with StoneX has more.
Arlan Suderman Says Corn, Beans Rally on Weather But Yield Loss Premature: Cattle Recover and Could Retest Highs if Cash Hits New Records
New crop corn and beans up on weather but Arlan Suderman, StoneX says yield loss talk is premature. Wheat ends mixed. Cattle could retest highs with more record cash and hogs build on the higher weekly closes.
June 12, 2023 02:29 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.
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