Grains see a nice recovery putting weather premium back in on the forecasts and expansion of dry areas on the Drought Monitor. We also saw a technical selling exhaustion. Cattle are seeing some profit taking after contract highs and awaiting cash direction, hogs are also consolidating after two big up days. Scott Varilek of Kooima Kooima Varilek has details.
Grains See Technical Bounce Putting Weather Premium Back In: Livestock See Profit Taking With Higher Grains
Grains recover weather premium back on the forecast and Drought Monitor. We also saw a technical selling exhaustion. Profit taking in cattle and hogs. Scott Varilek of Kooima Kooima Varilek has details.
June 01, 2023 09:21 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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