Grains higher on corrective buying after the selloff in reaction to the WASDE, but dryness concerns and a lower dollar are supportive. Hogs bounce with China hopes, but cattle are seeing follow-through selling, so was Wednesday a blow off top? Scott Varilek of Kooima Kooima Varilek has the answer.
Grains See Corrective Buying After Bearish WASDE Reaction : Was Yesterday a Blow Off Top in Cattle?
Grains higher on corrective buying after the selloff post-WASDE. Hogs bounce with China hopes, but cattle are seeing follow-through selling, so was Wednesday a blow off top? Scott Varilek of Kooima Kooima Varilek.
July 13, 2023 09:14 AM
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.
