Commodity wide technical selling Monday pushed corn, wheat and hog contacts into new lows. Cattle also saw massive fund liquidation. But what was the catalyst? Chuck Shelby, Risk Management Commodities, has analysis and talks about the next chart support areas.
New Lows in Corn, Wheat and Hogs on Commodity Wide Selling: Cattle Also See Fund Liquidation
Commodity wide technical selling Monday pushed corn, wheat and hog contacts into new lows. Cattle also saw fund liquidation. But what was the catalyst? Chuck Shelby, Risk Management Commodities, has analysis.
November 27, 2023 02:12 PM
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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.
The grain markets were sharply lower Thursday morning with soybeans seeing 30-cent losses on disappointment the China summit has not produced any agricultural purchase agreements.
Sam Hudson with Cornbelt Marketing says corn and soybeans were firmer on inflationary buying and optimism regarding the China summit. Cattle soared with higher cash.
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