Lower except soybeans as risk off in outside markets triggers more fund selling. Plus, better planting weather and rain chances for HRW areas leads to new contract lows in all three classes of wheat. Risk off consolidation in cattle and hogs, watching cash and China’s disappointing PMI number dampened pork export ideas. DuWayne Bosse of Bolt Marketing has more.
Mostly Lower Except Soybeans with Risk Off Fund Selling, Bearish Weather: Profit Taking in Livestock
Lower except soybeans as risk off in outside markets triggers more fund selling. Plus, better planting weather, rain chances for HRW areas. Consolidation in cattle & hogs, watching cash. DuWayne Bosse, Bolt Marketing.
May 01, 2023 02:41 PM
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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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