A risk off day in outside markets due Fitch downgrading U.S. debt has grain, cotton and livestock lower, weather is bearish and funds are selling as chart support is violated. That is also trumping news of Russia damaging a port on the Danube River and reversing overnight gains. John Payne, Hedge Point Global Markets has more.
Funds Sell as Bearish Weather, Risk Off Day in Outside Markets Pulls Grain and Livestock Lower: Trumps War News
A risk off day in outside markets as Fitch downgrades U.S. debt has grain, cotton and livestock lower, weather is bearish and funds sell as chart support is violated. John Payne, Hedge Point Global Markets has more.
August 02, 2023 11:36 AM
Related Stories
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.
Read Next
Farmers in parts of the High Plains and Southeast need a break from relentless drought, while nationwide planting progress is outpacing the five-year average.
