Grains higher with disappointing weekend rains and corrective buying, but soybeans are also supported by strong product values which is spilling over into wheat. Cattle set back on profit taking and lower boxed beef. While the dollar was down last week despite talk of additional interest rate hikes, so what clues is it providing about the economy? Darin Newsom, Barchart has more.
Grains Higher on Disappointing Weekend Rains, Corrective Buying, Strong Soy Products: Cattle See Profit Taking, Dollar Has Lower Week
Grains higher on disappointing rains corrective buying, strong soy products, which spilled over into wheat. Cattle see profit taking w/lower boxed beef. While the dollar was down last week. Darin Newsom, Barchart.
July 10, 2023 09:27 AM
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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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