Grains end lower as funds sell removing weather premium. Corn and soybeans do chart damage and have lower weekly closes. Wheat ends higher for the week still holding some war premium. Cattle supported by lower corn and feedlots holding out for higher cash, but post lower weekly closes. While the cash index keeps pulling along hog futures and August has a chart breakout. John Heinberg, Total Farm Marketing has analysis.
Grains Lower Friday Removing Weather Premium, Row Crops do Technical Damage: That Supports Livestock
Grains lower as funds sell removing weather premium, row crops do chart damage. Cattle supported by lower corn, higher cash bids. The LHI keeps pulling along hog futures. John Heinberg, Total Farm Marketing has more.
July 28, 2023 02:38 PM
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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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