Short covering in wheat, but corn and soybeans held back by risk off outside markets & no bullish news in weather, exports. Cattle fade with lower equities, hogs can’t sustain a rally. Mark Schultz, Northstar Commodity has more.
Short Covering Emerges in Wheat, But Risk Off in Outside Markets and Lack of Bullish Demand or Weather News Weighs on Rest of Commodities
Short covering in wheat, but corn & soybeans held back by risk off outside markets & no bullish news in weather, exports. Cattle fade w/lower equities, hogs can’t sustain a rally. Mark Schultz, Northstar Commodity.
May 04, 2023 12:10 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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