Corn higher, soybeans lower correcting spreads and the corn/bean ratio and working in drought concerns. Cattle further consolidate but cash still holding steady and the bull market isn’t over. Nearby hogs clear $100 and are $27 to $30 off contract lows, so will the buying spree continue? Scott Varilek, Kooima Kooima Varilek has analysis.
Corn Higher, Soybeans Lower on Spreads, Drought Concerns, Correcting Ratio: Cattle Further Consolidate, Nearby Hogs Clear $100
Corn higher, soybeans lower correcting spreads and the corn/bean ratio w/drought concerns. Cattle further consolidate but cash still holding steady. Nearby hogs clear $100. Scott Varilek, Kooima Kooima Varilek.
July 06, 2023 11:28 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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