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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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.
The grain markets were sharply lower Thursday morning with soybeans seeing 30-cent losses on disappointment the China summit has not produced any agricultural purchase agreements.
Sam Hudson with Cornbelt Marketing says corn and soybeans were firmer on inflationary buying and optimism regarding the China summit. Cattle soared with higher cash.
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