Grains see fund and technical selling with risk off macroeconomic concerns spilling over from outside markets, plus a lack of bullish news beyond a soybean sale to China. Weather also played a role especially in wheat. Cattle see a technical bounce as the market was oversold and may have digested the COF news, hogs also bounced off contract lows. Matt Bennett with AgMarket.Net has more.
Grains See Risk Off Fund Selling with Lack of Bullish News: Livestock See Oversold Technical Bounce
Grains see fund selling with risk off in outside markets, plus a lack of bullish news beyond a soybean sale to China. Cattle and hogs see an oversold technical bounce. Matt Bennett, AgMarket.Net,has more.
October 25, 2023 02:37 PM
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Scott Varilek with Kooima Kooima Varilek says the live cattle were overbought after rallying $21 off the lows.
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Mark Schultz of North Star Commodity says the grain markets are oversold and due for a correction.
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