Grains mostly higher as the markets try to assess the weekend rains and forecast ahead, plus upcoming crop ratings and reports. Wheat is seeing short covering, but political uncertainty in Russia over the weekend with the Wagner Group is also supportive. Cattle set back after the COF with lower beef and cash values. Hogs see fund buying with stronger fundamentals. Outside markets are mixed. Darin Newsom with Barchart has more.
Grains Mostly Higher Assessing Rains, Wx, Russia Political Uncertainty: Cattle Lower After COF, Hogs Follow Index Higher
Grains mostly higher except Dec corn assessing rains, Russia headlines. Cattle set back after COF and lower cash and beef last week, hogs strong. Outside markets quiet. Darin Newsom covers it all.
June 26, 2023 09:11 AM
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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.
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