Corn ends higher, soybeans lower with profit taking and correcting spreads and the corn/bean ratio, plus determining the balance sheets ahead of the WASDE. Wheat is a follower. Cattle consolidate and confirm reversals with steady to $1 lower cash in the south at $178, but is this a normal seasonal correction? Hogs also see spread unwinding after pushing nearbys to new highs for the move on strong cash and cutouts. Dave Chatterton, Strategic Farm Marketing has more.
Corn Higher, Soybeans Lower on Profit Taking, Correcting Spreads and Corn/Bean Ratio: Cattle and Hogs Consolidate
Corn up, soybeans down w/profit taking, correcting spreads & corn/bean ratio, pre-WASDE squaring. Wheat’s a follower. Cattle fall w/steady-$1 lower cash. Hogs consolidate. Dave Chatterton, Strategic Farm Marketing.
July 06, 2023 02:19 PM
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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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