Grains mixed with some profit taking, hedge selling, slow exports and shrinking drought being offset by weather and war concerns. Cattle higher with the softer corn and higher cash, strong exports and bullish report ideas, with the cash index also pushing hogs. Scott Varilek, Kooima Kooima Variilek has more.
Grains Mixed With Hedge Pressure, Profit Taking vs Weather, War Concerns: Cattle and Hogs Get Push From Lower Corn, Higher Cash
Grains mixed with profit taking, hedge selling offset by weather and war concerns. Cattle higher with the softer corn and higher cash ideas, with the LHI also pushing hogs. Scott Varilek, Kooima Kooima Variilek.
July 20, 2023 09:18 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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