Grains and hogs are lower early with a risk off day and spillover from outside markets with lower equity and crude oil prices. Corn and soybeans also see some profit taking and farmer selling after hitting chart resistance and Ukraine shipments have resumed which weighs on wheat. Live cattle continue to be supported by tight numbers and higher product values, while hogs retest contract lows.
Grains Lower Seeing Risk Off Selling, Profit Taking, Ukraine Exports Resume: Cattle Supported by Tight Supplies, New Lows in Hogs
Grains see risk off and corrective selling, plus Ukraine shipments resumed. Cattle supported with tight numbers, strong demand, but hogs hit new lows. Tomm Pfitzenmaier, Summit Commodity Brokerage.
April 19, 2023 09:15 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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