Grains tried to recover Friday, but funds continued to sell on bearish fundamentals, poor technicals and the debt ceiling stalemate. Grains all posted lower weekly closes. Cattle were the bright spot with steady to higher cash, new high in feeders and higher weekly closes ahead of the COF. Don Roose of U.S. Commodities has the summary.
Grains Fail Friday and Post Sharply Lower Week as Funds Keep Selling: Cattle Up for the Week
Grains failed Friday as funds sold on bearish fundamentals, poor technicals and the debt ceiling stalemate. Cattle were the bright spot with steady to higher cash, new high in feeders. Don Roose of U.S. Commodities.
May 19, 2023 02:23 PM
Related Stories
The grain markets saw an ugly October with huge losses on fund selling. Brian Grete with CommStock Investments says he’s not sure if the fund selling is done.
Scott Varilek with Kooima Kooima Varilek says the cattle futures rally out of the report was disappointing and did not last long indicating a possible exhaustion on the charts.
Shawn Hackett of Hackett Financial Advisors says with wheat falling nearly $2 off the Sept. 2 contract highs, it isn’t a surprise that China and other buyers would see it as an opportunity to buy.
Read Next
With the lame-duck session looming, lawmakers scramble to mend a divided Ag Committee over SNAP funding as insiders predict another extension.
Commodity Market Futures
Futures prices on grains, livestock, oil and more
Farm Journal TV
Trusted ag insights and real stories from rural America. Start your free trial today.
Pro Farmer
Join Pro Farmer today to access trusted market intelligence and expert analysis that help you make more confident decisions.
