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
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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.
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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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