An ugly day in corn and wheat futures with massive technical selling, closing below key support. Soybeans recovered despite another sharply lower day in soybean oil. Cotton was also lower. Livestock closed mostly higher, with lower corn, firmer cash cattle trade and technical buying in hogs. Darren Frye with Water Street Solutions has details.
Ugly Technical Day in the Corn and Wheat Markets, but Soybeans Recover: Livestock Higher
Massive technical selling in corn and wheat, closing below key support. Soybeans recovered despite lower BO. Livestock mostly higher, with firm cash cattle and technical buying. Darren Frye, Water Street Solutions.
December 02, 2022 05:24 PM
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Dave Chatterton with Strategic Farm Marketing says funds have sold and liquidated hard the last three weeks in the corn market and while they took their foot off the gas on Monday he doesn’t think the selling is done.
Grain markets all made new lows for the move on additional fund long liquidation says Randy Martinson with Martinson Ag Risk Management.
Mark Knight with Farmers Keeper Financial says the funds are exiting as the grains have divorced from the crude oil market and are trading weather.
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