Grains close quietly higher with a dead cat bounce after holding support areas and positioning ahead of the WASDE. Cattle correct with risk off in outside markets and despite near record high cash, while hogs end mixed. Brad Kooima, Kooima Kooima Varilek has more.
Dead Cat Bounce in Grains After Holding Major Support: Cattle Consolidate with Risk Off in Outside Markets Despite Strong Cash Outlook
Grains see a dead cat bounce after holding support areas, awaiting the WASDE. Cattle correct with risk off in outside markets, despite near record high cash. Hogs end mixed. Brad Kooima, Kooima Kooima Varilek has more.
August 08, 2023 02:25 PM
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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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