Grains lose momentum as rain in the forecast trumps the lower crop ratings and Ukraine news, plus there’s some WASDE positioning. Cattle continue with the 9th day higher on sharply higher beef prices at noon and record cash ideas, hogs follow and see more short covering. Chuck Shelby, Risk Management Commodities has analysis.
Grains Lose Ground as Weather Trumps Ratings, Ukraine News: Cattle New Highs on Rising Beef and Cash, Hogs Follow
Grains lose ground as forecasted rain trumps crop ratings & Ukraine news, plus WASDE positioning. Cattle up 9th day on higher beef and record cash ideas, hogs follow. Chuck Shelby, Risk Management Commodities.
June 06, 2023 11:29 AM
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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.
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