Grains see follow through fund selling with poor technicals and improved SA weather. Cattle lower on profit taking and lower boxed beef, with short covering in hogs. The dollar higher for the 4th day ahead of the FOMC minutes. Tomm Pfitzenmaier, Summit Commodity Brokerage, has details.
Grains See Follow Through Technical Selling: Profit Taking in Cattle and Hogs
Grains see follow through fund selling with poor technicals and improved SA weather. Cattle lower on profit taking and lower boxed beef, with short covering in hogs. Tomm Pfitzenmaier, Summit Commodity, has details.
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Grain markets were lower on Wednesday and to start Thursday, seeing profit taking after hitting key chart resistance and with cooler, wetter extended weather forecast for the Midwest. That’s according to Randy Martinson with Martinson Ag.
Live cattle futures were lower again on Wednesday and have spent several consecutive days under the 100-day moving average. Brad Kooima with Kooima Kooima Varilek says it is looking like more than a healthy correction.
Mark Knight of Farmers Keeper Financial says the market was looking for confirmation of China soybean purchases and now will need to see more sales to continue the rally.
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