Grains higher in early trading on continued corrective buying and despite slightly bearish outside markets and a general lack of bullish news. What are the next technical objectives on the charts that must be cleared to continue the rally in grains? Cattle and hogs have both traded 2-sided as processors try to ramp back up and awaiting cash. Kent Beadle, Paradigm Futures. has more.
Grains Continue to Correct Despite a Lack of Bullish News: Livestock Firm with Product Values
Grains higher in early trading on continued corrective buying, despite slightly bearish outside markets. Kent Beadle, Paradigm Futures says the grain markets may have finally run out of sellers.
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Mark Knight of Farmers Keeper Financial says the market was looking for confirmation of China soybean purchases and now will need to see more sales to continue the rally.
November soybeans failed to close above the key $12 level and Naomi Blohm of Total Farm Marketing thinks the market may be running out of runway as Monday was mostly technical buying.
Joe Kooima of Kooima Kooima Varilek says funds continue to pressure the cattle futures and he anticipates that will continue after last week’s lower weekly closes.
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