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
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Brian Grete with Commstock Investments says, “We’ve seen China come in and be a fairly active buyer over the past several weeks here of new crop U.S. soybeans. There was more talk of that on Friday. And so that gave us some price support.”
Scott Varilek with Kooima Kooima Varilek says the live cattle futures made new lows for the move Thursday before finding support and putting in key reversals.
Garrett Toay with AgTraderTalk says after the big rally to start the week the grain markets saw some profit taking and corrective selling.
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