Commodities were all lower on Wednesday in a risk off day in outside markets, including a higher dollar. Plus, bearish weather had funds selling hard and fading news of more Ukraine port damage. Charts got beat up for corn and soybeans, but cattle still in a strong uptrend. Matt Bennett, AgMarket.Net has analysis.
Risk Off in Outside Markets Triggers Fund Selling Across the Commodities, Weather Adds to Bearish Tone
Commodities all lower with risk off day in outside markets. Plus, weather had funds selling, ignoring new war news. Charts got beat up for row crops, cattle still in an uptrend. Matt Bennett, AgMarket.Net has more.
August 02, 2023 02:43 PM
Related Stories
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.
Read Next
Your front-row seat to the 2026 Crop Tour! Watch live and on-demand only on Farm Journal TV.
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.
