Markets are mostly higher except wheat. Corn and soybeans continue to recover on short covering, strong meal on Argentina crop rating slide. Can they exceed 50% retracements? Cattle back higher with higher cash and putting in weather premium, hogs higher but still looking for direction. Scott Kooima of Kooima Kooima Varilek has details.
Corn and Beans See More Short Covering: Cattle Back Higher with Strong Cash, Putting in Weather Premium
Corn, soybeans see more short covering, w/strong meal & drop in Argentina crop ratings. Cattle up with strong cash, putting in weather premium, hogs up for now. Scott Kooima of Kooima Kooima Varilek has details.
March 03, 2023 11:27 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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