Corn had an ugly technical day removing weather premium, but is it warranted? Soybeans bounced led by July ahead of first notice day and the quarterly stocks report. Wheat is following corn and seeing poor demand. Cattle bounced with lower corn and fund buying, hogs mixed pre-report. Rich Nelson of Allendale.
Grains End Mixed Trading Weather, Reports, End of Quarter: Cattle Supported by Lower Corn, Hogs Mixed Pre-Report
Corn had an ugly technical day removing weather premium. Soybeans bounced led by July ahead of the report. Wheat follows corn. Cattle bounced with lower corn, fund buying, hogs mixed pre-report. Rich Nelson, Allendale.
June 29, 2023 02:35 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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