Grains starting to drift with positioning ahead of reports, but old crop corn and soybeans have also hit some chart resistance. Cattle advance for the 5th day as funds reenter the market and with anticipation of higher cash. Hogs have turned mixed with the Hogs and Pigs Report out shortly. Jeff Hoogendoorn of Professional Ag Marketing has more.
Grains Drift in Report Mode, With Some Markets Hitting Chart Resistance: Cattle Build in Higher Cash, Hogs Square Ahead of USDA Data
Grains starting to drift in report mode, but some markets hit chart resistance. Funds buy in cattle working in higher cash. Hogs mixed ahead of Hogs and Pigs Report. Jeff Hoogendoorn, Professional Ag Marketing.
March 30, 2023 11:33 AM
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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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