Grains see massive fund buying in a bull blown weather market and take out major resistance on the charts in the process. How high will price go? Cattle recover despite weaker cash and higher corn, while hogs reverse. Darin Newsom, Barchart.
Massive Fund Buying in Grains With Full-Blown Weather Rally but How High Will Prices Go? Cattle Bounce Despite Weaker Cash and Higher Corn
Grains see massive fund buying in a bull blown weather market. How high will price go? Cattle recover despite weaker cash and higher corn, while hogs reverse. Darin Newsom, Barchart.
June 16, 2023 12:20 PM
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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.
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