Cattle are seeing more profit taking with the risk off in outside markets ahead of the FOMC decision, plus some lower cash in the south at $172. Hogs mostly lower as the futures wait for cash to catch up. Jul corn supported by strong cash, but funds selling Dec corn on weather and SA supplies. Will prices hold soon? Soybeans rally with strong crush demand. Brad Kooima of Kooima Kooima Varilek has details.
Cattle See Profit Taking with Risk Off and Softer Cash, Hogs Slide With Futures Premium to Cash: Are Funds Done Selling Yet in Grains?
Cattle see profit taking w/risk off, plus some lower southern cash at $172. Hogs mostly lower waiting for cash to catch up. Funds sell Dec corn, will prices hold soon? Brad Kooima, Kooima Kooima Varilek.
May 02, 2023 10:17 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.
Scott Varilek with Kooima Kooima Varilek says cattle futures are back trading higher with their huge discount to the record cash trade. He says cash trade could get even crazier.
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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