Grains end mostly lower again except hard wheat classes with more technical selling on China cancellations, fast planting, WASDE positioning. But is the market too bearish heading into the WASDE? Cattle had a strong short covering rally anticipating better cash, with hogs also ending higher but will there be any follow through buying? Garrett Toay, AgTraderTalk has more.
Grains Mostly Lower on China Cancellations, Fast Planting, WASDE but is the Market Too Bearish?: Livestock Close Higher
Grains mostly lower except hard wheat classes w/technical selling on China cancellations, fast planting, WASDE positioning. Cattle saw short covering on better cash ideas, w/hogs also up. Garrett Toay, AgTraderTalk.
May 09, 2023 03:03 PM
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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.
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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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