Grains end sharply lower despite the lowest crop ratings on corn and beans since 1988. Funds took profits with rain in the forecast, end of quarter and USDA reports coming up. Cattle had a nice bounce with the selloff in corn, but has the market finished its correction? And are hogs near a top after the big rally? Alan Brugler, Brugler Marketing has analysis.
Grains Sharply Lower on Rain Chances, Report & EOQ Profit Taking: Cattle Bounce with Lower Corn
Grains end sharply lower as funds took profits on possible rain, end of quarter and USDA reports. Cattle bounced but has the market finished its correction and are hogs near a top? Alan Brugler, Brugler Marketing.
June 27, 2023 02:40 PM
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Shawn Hackett of Hackett Financial Advisors says with wheat falling nearly $2 off the Sept. 2 contract highs, it isn’t a surprise that China and other buyers would see it as an opportunity to buy.
Darin Newsom, senior market analyst with Barchart, says the funds set the direction of the trend the problem is they have skewed the markets to the point that the real fundamentals in agriculture don’t really matter.
Mark Schultz of Northstar Commodity, says the corn market may be running out of sellers as the funds have liquidated a big chunk of their long position. However, it is too early to call a bottom with corn harvest still underway.
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