Grains are higher on fund buying and putting in weather premium on dry forecasts, drop in crop ratings, but soy products are also pushing soybeans. Cattle consolidate with higher corn, hogs mixed. Tomm Pfitzenmaier, Summit Commodity Brokerage has more.
Funds Buy and Push Grains Higher Trading Weather, Crop Ratings, Rally in Soy Products: Cattle Consolidate with Higher Corn
Grains up on fund buying, putting in weather premium w/drop in crop ratings, but soy products are also pushing beans. Cattle consolidate w/higher corn, hogs mixed. Tomm Pfitzenmaier, Summit Commodity Brokerage.
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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.
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.
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