Grains are mixed with corn under pressure on fund selling and the China corn export cancellation, soybeans seeing strong cash and forward spreads supportive, with frost and cold weather supporting KC and MN wheat. Cattle set back on the bearish COF, with hogs up on short covering and spread unwinding. Michelle Rook has the early summary.
Corn Lower After China Cancellation, Strong Cash Supports Soybeans: Cattle Lower on Bearish COF Placements
More fund selling in corn w/the China cancellation, strong cash and spreads support beans, with wheat trading weather. Cattle set back on the bearish COF, hogs up on short covering. Michelle Rook has details.
April 24, 2023 09:41 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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