Corn and wheat under pressure with more fund selling taking out support on demand concerns, but weather and lower crude oil are also factors. However, Russia could be the wild card. Soybeans see a corrective bounce. Cattle and hogs trade 2-sided, but have seen some technical selling watching cash and debt ceiling discussions. Jim McCormick with AgMarket.Net has details.
Corn, Wheat See More Fund Selling, Corrective Bounce in Soybeans: Cattle and Hogs 2-Sided
Corn and wheat under pressure with more fund selling taking out support. Soybeans see a corrective bounce. Cattle and hogs see more technical selling watching cash. Jim McCormick with AgMarket.Net.
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The grain markets saw an ugly October with huge losses on fund selling. Brian Grete with CommStock Investments says he’s not sure if the fund selling is done.
Scott Varilek with Kooima Kooima Varilek says the cattle futures rally out of the report was disappointing and did not last long indicating a possible exhaustion on the charts.
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.
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