Grains lower on fund selling and removing weather premium, but still sensitive to changing forecasts and Black Sea war news. Cattle higher as feedlots hold out for higher cash and softer corn supports feeders. Hogs still pushed by the rising cash index and August has a chart breakout. Scott Varilek of Kooima Kooima Varilek has the summary.
Grains See More Fund Selling, Removing Weather Premium: Cattle Supported as Feedlot Hold for Higher Cash, Hogs Follow Index
Grains lower on fund selling, removing weather premium. Cattle up on softer corn and as feedlots hold out for higher cash. Hogs still pushed by the rising cash index. Scott Varilek, Kooima Kooima Varilek summarizes.
July 28, 2023 11:31 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.
