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
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The grain markets saw an ugly October with huge losses on fund selling. Brian Grete with CommStock Investments says he’s not sure if the fund selling is done.
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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.
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