Grain and livestock futures all ended lower with a risk off day in outside markets spilling over but corn and soybeans also saw profit taking and a change in the weather weigh on the market. Cattle confirmed the key reversal but will it hold if cash moves higher? Jim McCormick with AgMarket.Net has details.
Tough Day in Commodities as Risk Off in Outside Markets Spills Over
Markets lower with a risk off day in outside markets spilling over but corn and soybeans also saw profit taking with a change in weather. Cattle confirmed the reversal. Jim McCormick, AgMarket.Net .
April 04, 2023 02:02 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.
Scott Varilek with Kooima Kooima Varilek says cattle futures are back trading higher with their huge discount to the record cash trade. He says cash trade could get even crazier.
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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