Grains and live cattle end mostly lower on spec selling on a risk off day tied to the debt ceiling debate and recessionary talk. Sharply lower bean oil, planting pace and profit taking in the wheat were also features. Matt Bennett, AgMarket.Net explains.
Grains Mostly Lower with Spec Selling and Profit Taking on a Risk Off Day; Will Dec Corn Hold $5, Nov Soybeans $12?
Grains and live cattle end mostly lower on spec selling on a risk off day. Sharply lower bean oil, planting pace and profit taking in the wheat were also features. Matt Bennett, AgMarket.Net explains.
May 16, 2023 02:29 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.
Scott Varilek with Kooima Kooima Varilek says the cattle futures rally out of the report was disappointing and did not last long indicating a possible exhaustion on the charts.
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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