Grains two-sided with profit taking and hedge pressure being offset by weather and global supply concerns. Live cattle make new highs the crash, hogs pushed by a rising index with Aug above $100. Mike Minor, Professional Ag Marketing.
Grains 2-Sided With Profit Taking vs. Weather and Global Supply Concerns: Cattle Make New Highs Then Crash, Hogs Pushed by Cash
Grains two-sided with profit taking & hedge pressure offset by weather & global supply concerns. Live cattle make new highs then crash, hogs pushed by a rising cash index. Mike Minor, Professional Ag Marketing.
July 20, 2023 12:10 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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