Grains continue to see fund selling with a bearish macro-economic climate. Soybeans and wheat making new lows for the move, but where do we find support? Live cattle see end of month profit taking, with short covering in hogs. Dave Chatterton of Strategic Farm Marketing has analysis.
More Fund Selling in Grains with Bearish Macro Economic Picture: End of Month Profit Taking in Cattle and Hogs
Grains see more fund selling with a bearish macro-economic picture, where do we find support? Live cattle hit by end of month profit taking, with short covering in hogs. Dave Chatterton, Strategic Farm Marketing.
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Joe Kooima of Kooima Kooima Varilek says the gap lower opening in cattle futures Monday in response to the border reopening to Mexican imports was volatile. They anticipate more to come to price in the news, even after a $25 to $30 break in the futures recently.
Brian Grete with Commstock Investments says, “We’ve seen China come in and be a fairly active buyer over the past several weeks here of new crop U.S. soybeans. There was more talk of that on Friday. And so that gave us some price support.”
Scott Varilek with Kooima Kooima Varilek says the live cattle futures made new lows for the move Thursday before finding support and putting in key reversals.
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