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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DuWayne Bosse of Bolt Marketing says the trade action Friday was disappointing in corn and soybeans after key reversals on Thursday.
Scott Varilek with Kooima Kooima Varilek says cattle futures were seeing some profit taking early Friday as they are overbought. However, futures haven’t stayed down long with the strength in the cash market.
Don Roose of U.S. Commodities says talk of China buying U.S. corn and soybeans helped spur the rally, but it was a combination of factors.
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