Mostly higher markets, except corn. Soybeans made new highs for the move on the heels of higher soybean meal, dryness in Argentina and China demand. Wheat saw end of month short covering, while funds sold corn. Cattle higher with steady cash and hogs also saw short covering. Outside markets also support the commodity sector with the DOW rallying after less hawkish talk by Fed Chair Jerome Powell. Michelle Rook talks with Bryan Doherty of Total Farm Marketing.
Markets Close Mostly Higher Except Corn: End of the Month Positioning, Outside Markets, SA Weather
Soybeans made new highs for the move, with higher meal. Wheat saw short covering, funds sold corn. Cattle higher with steady cash and hogs also saw short covering. Bryan Doherty of Total Farm Marketing has details.
November 30, 2022 04:52 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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