Grains turn lower despite lower crop ratings with technical or fund selling, seasonal weakness, more favorable weather and the higher dollar. Cattle bounce after holding chart support yesterday and with product values sharply higher, hogs reverse after new highs for the move. Ted Seifried, Zaner Ag Hedge has details.
Grains Turn Lower with Technical Selling, Seasonal Weakness and a Higher Dollar: Cattle Bounce with Higher Product Values, Hogs Retreat
Grains turn lower on technical selling, better weather and a higher dollar. Cattle bounce after holding chart support, and w/product values sharply higher, hogs reverse. Ted Seifried, Zaner Ag Hedge has details.
August 01, 2023 11:47 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.
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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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