Markets higher except for new crop corn. More technical buying in grains with the lower dollar and declining Argentina crop ratings helping. Soybeans have hit the 50-percent retracement level. Cattle bounce with firmer cash, but did live cattle put in a reversal? Randy Martinson of Martinson Ag has more.
Markets Mostly Higher with Short Covering in Grains: May Soybeans Cross 50% Retracement
Markets mostly higher. More short covering in grains w/ the lower dollar and declining Argentina ratings. Soybeans hit 50% retracement. Cattle bounce with firmer cash. Randy Martinson of Martinson Ag.
March 03, 2023 09:02 AM
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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.
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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.
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