Funds sell in the soybean complex after good weekend rains but hold the 100-day MA, corn follows, but is supported by wheat which was higher putting back in some war premium. Cattle see profit taking and hedge pressure, hogs bounce. Vince Boddicker, Farmers Trading Company has details.
Rain Pulls Down Soybeans and Corn Follows, Wheat Adds War Premium: Hedge Pressure in Cattle After New Highs in Feeders
Lower soybean complex after weekend rains, corn follows, wheat higher adding some war premium. Cattle see profit taking & hedge pressure, hogs bounce. Vince Boddicker, Farmers Trading Company has more.
August 07, 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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