Grains fade after a higher open on weather, China soybean export talk and the end of the Black Sea Grain deal. Cattle mixed to start then strengthen after new highs in live cattle on Friday on higher northern cash, but feeders need to take last week’s highs or they may be signaling a top. Kevin Duling of KD Investors has details.
Grains Fade Early Gains Despite Weather, Grain Deal Ending, China Talk: Cattle Strengthen But Fail to Take Out Recent Highs
Grains fade after higher open on weather, China soybean export talk and the end of the Black Sea Grain deal. Cattle firm but fail to take out last week’s highs? Kevin Duling, KD Investors.
July 17, 2023 09:28 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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