Grains continued to make fresh lows with risk off fund selling tied to lower crude oil and weather, with moisture in Brazil and HRW areas. Corn made contract lows, new lows for the move in soybeans and wheat. Live cattle reversed a higher opening, strong cash and weather after hitting chart resistance, feeders firm on soft corn. Hogs see more short covering trying to bottom. Randy Martinson, Martinson Ag, has details.
Risk Off Fund Selling Produces New Grain Lows: Live Cattle Fail After Higher Cash, Hogs Advance
Corn hits contract lows, new lows for the move in beans & wheat w/risk off fund selling on lower crude oil, U.S./Brazil wx. Live cattle consolidate despite strong cash. Randy Martinson, Martinson Ag, has more.
January 08, 2024 02:30 PM
Related Stories
Naomi Blohm with Total Farm Marketing says the technical action is feeling like the market is probing for a low.
Brad Kooima with Kooima Kooima Varilek says the charts look positive but he thinks a healthy correction is in store. He’s also skeptical about USDA’s new cash report.
DuWayne Bosse of Bolt Marketing says the managed money traders have hit the sell button with charts taking out key support and they may not stop until harvest reaches 60% to 70% done.
Read Next
Josh Linville says tight nitrogen supplies, rising demand and global disruptions to sulfur supplies are keeping pressure on fertilizer markets, even if tensions in the Strait of Hormuz ease.
Commodity Market Futures
Futures prices on grains, livestock, oil and more
Farm Journal TV
Trusted ag insights and real stories from rural America. Start your free trial today.
Pro Farmer
Join Pro Farmer today to access trusted market intelligence and expert analysis that help you make more confident decisions.
