Grains end sharply lower on profit taking, removing weather premium and with a risk off day in outside markets. Live and feeder cattle make new highs on fund buying and strong cash and cutouts, plus lower corn. Several hog contract have limit up moves on short covering. Ted Seifried, Zaner Ag Hedge has details.
Grains See Profit Taking as Market Removes Weather Premium: Livestock Rally with a Limit up Day in Hogs
Grains end sharply lower on profit taking, removing wx premium, with a risk off day in outside markets. Cattle hit new highs w/strong cash, cutouts. Hogs limit up on short covering. Ted Seifried, Zaner Ag Hedge.
May 30, 2023 03:23 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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