Grains are setting back on profit taking and removing weather premium, with lower crude oil prices a drag. Cattle make new highs with higher cash and cutouts and a debt ceiling deal, while hogs are seeing limit up moves on short covering. Kent Beadle with Paradigm Futures has more.
Livestock Higher with Cattle Printing New Highs: Grains Set Back Taking Out Weather Premium and with Risk Off Outside Markets
Grains see profit taking & remove weather premium, with lower crude oil prices. Cattle make new highs on higher, cutouts and a debt ceiling deal, while hogs see short covering. Kent Beadle, Paradigm Futures.
May 30, 2023 05:22 PM
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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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