Grains end higher on weather, pre-report positioning with bullish soybean expectation and talk of China buying 10-14 cargos of new crop beans. Plus, risk on in outside markets and crop concerns supported wheat. Cattle end higher making contract highs in the back months with continued tight supplies and strong cash, while hogs continue to see strong demand through higher cash and cutouts. Arlan Suderman, StoneX Group has details.
Grains Higher on Weather, Report Squaring but Will USDA Cut Yields? Cattle Make New Highs, Hogs Pushed by Cash
Grains higher in a risk on day in outside markets, with weather & pre-report positioning. Cattle make contract highs in deferred with strong cash, hogs rally on higher cash, demand. Arlan Suderman, StoneX.
July 11, 2023 02:55 PM
Related Stories
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.
Scott Varilek with Kooima Kooima Varilek says cattle futures are back trading higher with their huge discount to the record cash trade. He says cash trade could get even crazier.
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.
Read Next
Farmers in parts of the High Plains and Southeast need a break from relentless drought, while nationwide planting progress is outpacing the five-year average.
