Grains lower seeing poor exports, the higher dollar, harvest pressure and concerns about South American competition causing fund selling, with soybeans breaking support. Cattle are mixed despite $1 better cash trade, while hogs are seeing follow through corrective buying and stronger cutouts supportive. Michelle Rook is joined by Mark Schultz of Northstar Commodity.
Grain Lower with Poor Exports, Higher Dollar, Harvest Pressure Causing Fund Selling: Cattle Mixed Despite Higher Cash, Hogs Strong
Grains lower with poor exports, the higher dollar and harvest pressure. Cattle are mixed despite $1 better cash trade, while hogs are higher. Michelle Rook is joined by Mark Schultz of Northstar Commodity.
October 06, 2022 11:24 AM
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The grain markets were sharply lower Thursday morning with soybeans seeing 30-cent losses on disappointment the China summit has not produced any agricultural purchase agreements.
Sam Hudson with Cornbelt Marketing says corn and soybeans were firmer on inflationary buying and optimism regarding the China summit. Cattle soared with higher cash.
Jamie Gieseke with Paradigm Futures says commodities are starting to gain favor with the funds on inflation fears and that includes grains. A China deal could just add fuel to the fire.
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