Grains bounce on technical buying with Thursday’s selloff overdone and outside and energy markets rebounding. So, will diesel fuel retest the 2022 highs? Plus, cattle recover with cash steady to $1 but how long will funds defend their long position? Darin Newsom, Sr. Market Analyst with Barchart shares insights.
Grains See Technical Bounce as Outside and Energy Markets Recover: Cattle Rebound on Steady to Higher Cash
Grains bounce on technical buying with Thursday’s selloff overdone and outside and energy markets rebounding. Plus, cattle recover with cash steady to $1. Darin Newsom, Sr. Market Analyst with Barchart shares insights.
September 22, 2023 09:27 AM
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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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