Grains strong with fund buying on dry weather, Drought Monitor. Corn got above the 100 day moving average, so how high will it push? Cattle correcting but will we continue to hold chart support? Chip Nellinger, Blue-Reef Agri-Marketing has more.
Grains Rally on Weather, Drought Monitor, Fund Buying but How High do Prices Go?: Cattle Lower But Holding Support
Grains strong with fund buying on dry weather, Drought Monitor. How high could prices go? Cattle correcting but will we continue to hold chart support? Chip Nellinger, Blue-Reef Agri-Marketing has the answers.
June 15, 2023 11:40 AM
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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.
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.
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