Grains have a higher close led by wheat adding risk premium tied to war and weather. Dec corn closes above the 100 day MA, Nov soybeans above $14 and wheat with double digit gains. How high do prices project? Live cattle hit more contract highs with higher cash ideas. Milk futures were soft but have they bottomed? Bryan Doherty, Total Farm Marketing.
Grains Close Higher Adding Risk Premium on War and Weather: Contract Highs in Live Cattle, with Milk Prices Bottoming?
Grains higher adding risk premium tied to war and weather. How high do prices project? Live cattle hit more contract highs, milk futures were soft but have they bottomed? Bryan Doherty, Total Farm Marketing.
July 19, 2023 05:08 PM
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Darin Newsom, senior market analyst with Barchart, says the funds set the direction of the trend the problem is they have skewed the markets to the point that the real fundamentals in agriculture don’t really matter.
Mark Schultz of Northstar Commodity, says the corn market may be running out of sellers as the funds have liquidated a big chunk of their long position. However, it is too early to call a bottom with corn harvest still underway.
Greg McBride of Allendale says corn and soybean futures are trying to bounce as they are oversold, the key is what will it take to bottom the markets?
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