Grains sharply higher with hot dry weather and Russia attacking a Ukraine grain facility on the Danube River. Plus China bought 4.4 mb of U.S. new crop soybeans. Cattle set back with higher corn and sorting through the Cattle on Feed and Cattle Inventory reports. Hogs open higher, then turn mixed. Tomm Pfitzenmaier, Summit Commodity Brokerage has more.
Grains Sharply Higher Adding More War and Weather Premium: Cattle Set Back in Response, Plus Digest USDA Data
Grains sharply higher putting in war and weather premium & w/China soybean biz. Cattle set back with higher corn and sorting through USDA data. Hogs mixed. Tomm Pfitzenmaier, Summit Commodity Brokerage has more.
July 24, 2023 02:02 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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