Cattle open higher but are losing steam. Is the top in after yesterday’s key reversals, which came despite record cash yesterday. North $300/$190-$193. Hogs consolidate with uncertainty on Prop 12. Corn lower on better forecast, poor exports while soybeans see bull spreading indicating tight old crop stocks. Scott Varilek of Kooima Kooima Varilek has details.
Cattle Fade Higher Open With Some Calling a Top, Hogs Consolidate: Grains Mixed on Weather, WASDE, Exports
Cattle open higher then fade. Is the top in after yesterday’s key reversals & record cash? Hogs consolidating. Corn lower on better forecast, while soybeans see bull spreading. Scott Varilek, Kooima Kooima Varilek.
June 08, 2023 09:26 AM
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Shawn Hackett with Hackett Financial Advisors says the market was removing China premium after the disappointing summit as the market wanted more details on ag purchases.
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Grain markets crashed on Thursday with profit taking and fund liquidation tied to disappointment over the lack of agricultural purchase agreements during day one of the U.S. China summit.
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