IN-DEPTH MARKET ANALYSIS: Wednesday was a risk-off day in the agricultural commodity markets. Everything was in the red except hogs with spillover from the selloff in the equity sector after Fed Chair Jerome Powell made hawkish comments about the economy and interest rates. However, the grain markets were very overbought, especially in wheat after the run up to new highs. Michelle Rook talked to Chip Nellinger with Blue Reef Agri-Marketing to get the full analysis.
MARKET WATCH: Grains Slump, Hogs for the Win on Wednesday
IN-DEPTH MARKET ANALYSIS: Wednesday was a risk-off day in the agricultural commodity markets.
(National Pork Board and the Pork Checkoff)
Related Stories
Scott Varilek with Kooima Kooima Varilek says the cattle futures rally out of the report was disappointing and did not last long indicating a possible exhaustion on the charts.
Shawn Hackett of Hackett Financial Advisors says with wheat falling nearly $2 off the Sept. 2 contract highs, it isn’t a surprise that China and other buyers would see it as an opportunity to buy.
Darin Newsom, senior market analyst with Barchart, says the funds set the direction of the trend the problem is they have skewed the markets to the point that the real fundamentals in agriculture don’t really matter.
Read Next
With the lame-duck session looming, lawmakers scramble to mend a divided Ag Committee over SNAP funding as insiders predict another extension.
Commodity Market Futures
Futures prices on grains, livestock, oil and more
Farm Journal TV
Trusted ag insights and real stories from rural America. Start your free trial today.
Pro Farmer
Join Pro Farmer today to access trusted market intelligence and expert analysis that help you make more confident decisions.
