Cattle start off higher and then turn mixed with some end of the month profit taking but should be well supported with ideas of strong cash. Hogs also turn mixed still fighting the futures premium to the index and poor technicals. Grains continue to see fund liquidation especially as support areas are violated including $15.00 on soybeans. Brad Kooima of Kooima Kooima Varilek has more.
Livestock Mixed on End of Month Positioning: Funds Continue to Sell in Grains with Support Violated
Livestock mixed on end of month positioning. However, cattle should be supported by higher cash ideas this week. Funds continue to sell in grains taking out support. Brad Kooima of Kooima Kooima Varilek has more.
February 28, 2023 09:19 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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