Grains open lower with corn seeing harvest pressure and technical selling, while wheat is suffering Black Sea war fatigue and rain chances in winter wheat areas weigh on the market. Soybean caught between lower meal and higher soybean oil. Cattle had a chart breakout Monday but is the market going to make it through the next resistance area on the charts? Hogs get a push from technical buying and stronger fundamentals. Michelle Rook talks with Garrett Toay of AgTrader Talk.
Grains Lower on Technical Selling and Harvest Pressure: Livestock See More Fund Buying After Strong Close Monday
Grains open lower with harvest pressure and technical selling. Cattle and hogs see fund buying after strong chart action Monday and decent fundamentals. Michelle Rook talks with Garrett Toay of AgTrader Talk.
October 18, 2022 08:51 AM
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Arlan Suderman, chief commodities economist with StoneX, says the additional cut in winter wheat acres was a surprise but there were others as well.
Mike Zuzolo, Global Commodity Analytics, says grains were pressured by a host of factors including weather and fund liquidation.
Brad Kooima of Kooima Kooima Varilek says cattle futures are down with a risk off day in the ag markets. End of quarter profit taking and talk of a packer bailout is also weighing on futures.
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