Live cattle start higher then consolidate ahead of COF, while corn is pushing feeders back into contract highs. Hogs continue to consolidate despite stronger cash. Grains start off with more fund selling, and corn is getting pulled down by wheat, but soybeans are trying to recover with bean oil. Scott Varilek, with Kooima Kooima Varilek.
Live Cattle 2-Sided Ahead of COF, With Corn Pushing Feeders: Funds Sell in Wheat, Corn and Beans Try to Recover
Live cattle 2-sided ahead of COF, corn pushes feeders higher. Hogs consolidate despite stronger cash. More fund selling in corn and wheat, but soybeans are try to recover. Scott Varilek, Kooima Kooima Varilek.
May 18, 2023 09:37 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.
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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