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 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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