Grains drift into the close with profit taking end of quarter and after many contracts hit chart resistance. What does the trade need to see in the reports tomorrow to not continue the sell off? Live cattle make new contract highs with sharply higher cash, but how much higher will the market go? And cotton rallied looking for lower acres Friday. John Payne, Hedge Point Global Markets has details.
Grains See Profit Taking EOQ and Ahead of Reports, but Cotton Rallies: Live Cattle Make New Highs With Sharply Higher Cash
Grains drift on profit taking after many contracts hit chart resistance. Live cattle make new contract highs on sharply higher cash. Cotton rallied anticipating lower acres. John Payne, Hedge Point Global Markets.
March 30, 2023 02:21 PM
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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.
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