Grains gap higher on drop in crop ratings and fund buying, only bean oil is lower on the disappointing EPA RFS proposal. Cattle consolidate with higher corn, lower cash and cutouts. while hogs see profit taking anticipating a cash peak soon and with higher soybean meal and corn. Kent Beadle, Paradigm Futures.
Grains Gap Higher on Drop in Crop Ratings, BO Lower on EPA RFA Numbers: Cattle Consolidate with Lower Cash, Higher Corn
Grains gap higher on drop in crop ratings, fund buying, only BO is lower on the EPA RFS proposal. Cattle consolidate with higher corn, lower cash, cutouts. Hogs see profit taking. Kent Beadle, Paradigm Futures.
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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.
Darin Newsom, senior market analyst with Barchart, says the funds set the direction of the trend the problem is they have skewed the markets to the point that the real fundamentals in agriculture don’t really matter.
Mark Schultz of Northstar Commodity, says the corn market may be running out of sellers as the funds have liquidated a big chunk of their long position. However, it is too early to call a bottom with corn harvest still underway.
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