Grain and livestock futures opened lower on Friday as economic concerns are driving a risk off outside market mood which is weighing on commodities and causing technical selling. Michelle Rook has details with Mike Zuzulo of Global Commodity Analytics.
Lower Opening in Grain and Livestock: Risk Off Driving Technical Selling
Grain and livestock opened lower as economic concerns drive risk off outside market mood, causing technical and fund selling in commodities. Michelle Rook talks with Mike Zuzulo of Global Commodity Analytics.
September 16, 2022 08:57 AM
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Brian Grete with Commstock Investments says, “We’ve seen China come in and be a fairly active buyer over the past several weeks here of new crop U.S. soybeans. There was more talk of that on Friday. And so that gave us some price support.”
Scott Varilek with Kooima Kooima Varilek says the live cattle futures made new lows for the move Thursday before finding support and putting in key reversals.
Garrett Toay with AgTraderTalk says after the big rally to start the week the grain markets saw some profit taking and corrective selling.
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