Grains give up early gains on China sales with risk off selling tied to the plunge in crude oil below $70, plus profit taking and farmer selling in corn and wheat after hitting chart resistance. Cattle make more contract lows with fund selling and lower cash at $171/$271-$272, hogs end mixed. Mark Schultz, Northstar Commodity, has analysis.
Grains End Mostly Lower on Profit Taking and Risk Off Selling: Cattle Make Contract Lows with Lower Cash
Grains see risk off selling following crude oil & profit taking & farmer selling in corn & wheat. Cattle make more contract lows with fund selling and lower cash, hogs mixed. Mark Schultz, Northstar Commodity, has more.
December 06, 2023 02:29 PM
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Mark Schultz of North Star Commodity says the grain markets are oversold and due for a correction.
Naomi Blohm with Total Farm Marketing says the technical action is feeling like the market is probing for a low.
Brad Kooima with Kooima Kooima Varilek says the charts look positive but he thinks a healthy correction is in store. He’s also skeptical about USDA’s new cash report.
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