Cattle higher with the lower corn and a short covering bounce but will it hold with cash expectations lower this week? Hogs see some profit taking heading into the Hogs/Pigs Report. Gap lower openings in grains with rain in the forecast but $5.60 may be a good place to buy Dec corn for livestock producers. Brad Kooima, Kooima Kooima Varilek has insight.
Cattle Higher with Lower Corn, Hogs See Profit Taking: Gap Lower Opening in Grains with Forecasted Rains
Cattle higher on lower corn but will it hold with lower cash expectations? Hogs see some profit taking ahead of Hogs/Pigs Report. Gap lower in grains with forecasted rains. Brad Kooima, Kooima Kooima Varilek.
June 27, 2023 09:11 AM
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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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