Grains try to firm up after hitting chart retracement levels and drought expands but fight rains on the radar and forecast and reports. So have the markets taken out too much weather premium? Cattle start firmer then fade with higher corn and profit taking. Hogs also consolidate before the report. DuWayne Bosse with Bolt Marketing has more.
Grains Try to Bounce as Retracements Hit, Trade Weather, Drought, Reports: Cattle and Hogs Consolidate
Grain try to bounce after hitting retracement and as drought expands, pre-report. Cattle consolidate with higher corn, hogs also set back before the report. DuWayne Bosse, Bolt Marketing.
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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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