Grains ended mixed with corn rallying on dry weather but how much weather premium does the market need to put in? Soybeans couldn’t follow after failing technically. Rains in the South weighed on both wheat and cotton. Cattle scored more contract highs with higher cash, while hogs hit new lows. Darren Frye of Water Street Solutions has analysis.
Corn Higher Putting in Weather Premium, Wheat Takes it Out & Soybeans Fail with Poor Technicals: Cattle Follow Higher Cash
Corn rallies on dry weather, but soybeans can’t follow after failing technically. Rains in the So. weighed on wheat and cotton. Cattle score more contract highs on strong cash. Darren Frye, Water Street Solutions.
May 24, 2023 03:28 PM
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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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