Grains higher on technical buying and the hot, dry weather, plus a 4.4 mb sale of new crop corn to Mexico and Black Sea geopolitical concerns. Cattle futures take out major chart support with sloppy cash and ahead of the COF report but is there more downside risk? Hogs see follow through buying. Scott Varilek of Kooima Kooima Varilek has more.
Grains Higher on Weather, Technical Buying: Cattle Break Chart Support on Weak Cash, Hogs Extend Gains
Grains up on technical buying, weather, war concerns. Cattle break major chart support on sloppy cash, pre-COF. What’s the downside risk? Hogs see follow through buying. Scott Varilek, Kooima Kooima Varilek has more.
August 18, 2023 09:12 AM
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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.
The grain markets were sharply lower Thursday morning with soybeans seeing 30-cent losses on disappointment the China summit has not produced any agricultural purchase agreements.
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