Corn under pressure with rains falling today, while soybeans bounce off retracement ahead of the reports. Cattle bounce after a weaker start on lower corn and light fund buying and despite softer cash. So does the market trade sideways for a while? Hogs consolidate ahead of the report and may have put in a short term top. Scott Varilek of Kooima Kooima Varilek has details.
Corn Falls with Rain, Soybeans Bounce Off Retracement: Cattle Recover with Lower Corn, Hogs Consolidate Pre-Report
Corn lower as rains fall, while soybeans bounce off retracement ahead of reports. Cattle bounce off weak start on lower corn, light fund buying. Hogs consolidate pre-report. Scott Varilek of Kooima Kooima Varilek.
June 29, 2023 11:38 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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