Grains continue to put in weather premium, with the drop in crop ratings and fund buying. How high will the market go to price in the lower yield? Cattle continue to consolidate with higher corn and lower csah, but how much more will prices drop? Hogs see profit taking after a $20 rally off the lows and with higher meal. Vince Boddicker, Farmers Trading Company has more.
Grains Put in Weather Premium on Drop in Crop Ratings, Fund Buying: Cattle and Hogs Consolidate with Higher Feed Costs
Grains put in weather premium, with the drop in crop ratings and fund buying. Cattle continue to consolidate with higher corn, lower cash. Hogs see profit taking. Vince Boddicker, Farmers Trading.
June 21, 2023 11:36 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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