Matt Bennett Says Grains Fall on Improved Forecast and After Hitting Major Chart Resistance: Cattle Consolidate, While Hogs Rally

Grains set back on better rains chances in the forecast and after hitting resistance. Will cattle markets keep correcting? Hogs are up but how much more upside is left? Matt Bennett, AgMarket.Net has details.

Grains set back on better rains chances in the forecast and after hitting major chart resistance Tuesday. Is the rally justified? Cattle consolidate awaiting cash but will it keep correcting? Hogs are up but how much more upside is left? Matt Bennett of AgMarket.Net tackles all those questions.

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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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