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
Alan Brugler with A&N Economics says the bottom line is with that weakness in real, you’re going to see a little more competition out of Brazil on soybean exports when you’re looking at them in dollar terms.
Joe Kooima of Kooima Kooima Varilek says the reaction was a bit muted considering the placements were well below estimates. However, he says some of it was already priced in.
Dan Basse, president of Ag Resource Company, says he thinks the soybean market put in a bottom earlier in the week.
Read Next
NASS says incorrect acreage weights for irrigated and nonirrigated fields affected September corn yield estimates for Kansas, Nebraska and the U.S. The agency’s October forecast remains unchanged.
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.
