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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Alan Brugler with A&N Economics says the bottom line is with that weakness in real, you’re going to see a little more competition out of Brazil on soybean exports when you’re looking at them in dollar terms.
Joe Kooima of Kooima Kooima Varilek says the reaction was a bit muted considering the placements were well below estimates. However, he says some of it was already priced in.
Dan Basse, president of Ag Resource Company, says he thinks the soybean market put in a bottom earlier in the week.
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