Grains mostly higher on weather, anticipation of a bullish report for soybeans and talk of China soybean biz. and that is pulling up corn and wheat. Outside markets are also positive. Cattle continue to be supported on breaks with continue strong cash, with hogs pushed by higher cash and cutouts. Tomm Pfitzenmaier, Summit Commodity Brokerage.
Grains Higher on Weather, Pre-Report, China Biz Talk: Cattle and Hogs Join the Commodity Wide Risk On Rally
Grains higher with risk on outside markets, wx, ideas of a bullish report for beans, talk of China biz. Cattle supported on breaks, with hogs pushed by higher & cutouts. Tomm Pfitzenmaier, Summit Commodity Brokerage.
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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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