Grains closed mixed ahead of USDA’s Quarterly Stocks Report while working in some better export sales. Wheat consolidated despite a weaker dollar awaiting fresh Black Sea export news. Traders were also squaring in the hogs ahead of the Hogs and Pigs Report, while cattle saw a short covering bounce. Michelle Rook and Mike Zuzulo of Global Commodity Analytics break it down.
Grains and Hogs Close Mixed with Report Positioning, Cattle Consolidate
Grains and hogs closed mixed positioning ahead of USDA reports, with cattle and wheat both consolidating. Michelle Rook and Mike Zuzulo of Global Commodity Analytics break it down.
September 29, 2022 02:18 PM
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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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