Grains ended lower on Wednesday. Jim McCormick of AgMarket.Net says traders took profit taking as markets hit chart resistance, but soybeans, meal and wheat also removed some weather premium. Cattle saw some short covering, but weather and report positioning were also factors. Hogs continued to slide with cash.
Markets Close Mostly Lower Wednesday: Grains See Profit Taking and Remove Weather Premium
Grains ended lower on profit taking, removing weather premium. Jim McCormick of AgMarket.Net says cattle saw short covering, but weather and report positioning were also factors. Hogs continued to slide with cash.
January 18, 2023 02:07 PM
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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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