Massive fund selling continues to push the grains lower with new contract lows in wheat and corn breaking chart support. Prices have lost a lot of ground the last couple of weeks, but are they getting close to a bottom? Cattle see some buying support from strong beef values, but still waiting for more cash direction. Hogs are struggling despite a marketing year high for exports and a strong technical close Wed. Mark Schultz of Northstar Commodity has details.
Massive Fund Selling Pushes Corn Through Support, Wheat to Contract Lows: Cattle Firm with Strong Beef but Eyes Cash
Massive fund selling pushing grains lower, but are they getting close to a bottom? Cattle firm with strong beef prices, but waiting for more cash direction. Hogs are struggling. Mark Schultz, Northstar Commodity.
April 27, 2023 11:45 AM
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DuWayne Bosse of Bolt Marketing says the trade action Friday was disappointing in corn and soybeans after key reversals on Thursday.
Scott Varilek with Kooima Kooima Varilek says cattle futures were seeing some profit taking early Friday as they are overbought. However, futures haven’t stayed down long with the strength in the cash market.
Don Roose of U.S. Commodities says talk of China buying U.S. corn and soybeans helped spur the rally, but it was a combination of factors.
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