Grains end mostly lower on fund selling and report positioning with bearish expectations for new crop supplies. The exception was corn which bounced after holding last week’s lows. Cattle see profit taking after hitting chart resistance and with bearish outside markets. Hogs fail after yesterday’s reversals as the futures again wait for the cash and demand to firm. Mike Minor, Professional Ag Marketing has details.
Grains Mostly Lower Expect Corn Which Holds Lows Ahead of WASDE: Profit Taking Hits Cattle and Hogs
Grains mostly lower except corn, with short covering after holding last week’s lows as markets for the WASDE Report. Cattle and hogs see profit taking w/bearish outside markets. Mike Minor, Professional Ag Marketing.
May 10, 2023 02:53 PM
Related Stories
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.
Read Next
Farmers in parts of the High Plains and Southeast need a break from relentless drought, while nationwide planting progress is outpacing the five-year average.
