Livestock futures close higher with the spot month in live cattle hitting a new contract high, but will the deferreds also make new highs? Hogs rallied on fund buying and higher cash. Grains ended mixed with technical selling in corn and wheat, plus export news and harvest pressure also factored in. Soybeans closed slightly higher following the soybean oil market. Oliver Sloup of Blue Line Futures joins Michelle Rook for Markets Now.
Livestock Higher on Fund Buying, How High Will Cattle Go? Grains Mixed but Still Rangebound
Livestock futures close higher on technical buying while grains ended mixed but still trading within ranges. What will it take to break out? Oliver Sloup with Blue Line Futures joins Michelle Rook.
October 19, 2022 02:42 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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