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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Dave Chatterton with Strategic Farm Marketing says funds have sold and liquidated hard the last three weeks in the corn market and while they took their foot off the gas on Monday he doesn’t think the selling is done.
Grain markets all made new lows for the move on additional fund long liquidation says Randy Martinson with Martinson Ag Risk Management.
Mark Knight with Farmers Keeper Financial says the funds are exiting as the grains have divorced from the crude oil market and are trading weather.
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