Funds continue to sell in grains talking out long term chart support as the market doesn’t have a bullish supply or demand story. When does the bleeding stop? Cattle are the bright spot and with lower corn feeders are hitting new highs, fats are pricing in steady to higher cash. Hogs consolidated but can’t gain any momentum. Mark Schultz with Northstar Commodity has details.
Funds Selling Continues in Grains With No Bullish Supply or Demand News: Cattle the Bright Spot
Funds continue to sell in grains w/ no bullish supply or demand story. When does the bleeding stop? Cattle are the bright spot w/fats pricing in steady to higher cash. Hogs mixed. Mark Schultz, Northstar Commodity.
May 18, 2023 02:36 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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