Corn higher, soybeans lower, wheat mixed to start. There is some spread trade and the market has factored in acres and weather and is now trying to gear up for the next WASDE report which may give us a look at yield and ending stocks. Is the cotton market ready to break out of its sideways pattern? Cattle correct for a second day. Shawn Hackett, Hackett Financial Advisors has more.
Grains Mixed Looking Ahead to WASDE for Direction: When Will Cotton Quit Trading Sideways and Will Cattle Correct More?
Grains mixed on spreads and looking ahead to the WASDE for yield and ending stocks direction. Is the cotton market ready to break out technically? Cattle consolidating. Shawn Hackett, Hackett Financial Advisors.
July 06, 2023 09:13 AM
Related Stories
Shawn Hackett of Hackett Financial Advisors says with wheat falling nearly $2 off the Sept. 2 contract highs, it isn’t a surprise that China and other buyers would see it as an opportunity to buy.
Darin Newsom, senior market analyst with Barchart, says the funds set the direction of the trend the problem is they have skewed the markets to the point that the real fundamentals in agriculture don’t really matter.
Mark Schultz of Northstar Commodity, says the corn market may be running out of sellers as the funds have liquidated a big chunk of their long position. However, it is too early to call a bottom with corn harvest still underway.
Read Next
Forty-three candidates are running for the House and five for the Senate with backgrounds on apple orchards, dairy farms and cattle ranches.
Commodity Market Futures
Futures prices on grains, livestock, oil and more
Farm Journal TV
Trusted ag insights and real stories from rural America. Start your free trial today.
Pro Farmer
Join Pro Farmer today to access trusted market intelligence and expert analysis that help you make more confident decisions.
