Wheat is the price leader on dryness concerns in spring wheat areas and slow HRW harvest. Corn makes new lows for the move and soybeans fade seeing profit taking after hitting resistance and with rains the last 24 hours and more in the forecast. Feeders make contract highs as corn weakens, while live cattle consolidate and hogs make new highs for the move on cash and cutout strength. Mark Schultz, Northstar Commodity has more.
Wheat Leads on Weather Concerns, But Corn and Soybeans Fade on Rain: Feeders Make Contract Highs, With Hogs Strong
Wheat up w/dryness concerns in HRS & slow HRW harvest. Corn & beans see profit taking. Feeders make contract highs, live cattle consolidate and hogs follow higher cash, cutouts. Mark Schultz, Northstar Commodity.
July 05, 2023 11:17 AM
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Shawn Hackett of Hackett Financial Advisors says with wheat falling nearly $2 off the Sept. 2 contract highs, it isn’t a surprise that China and other buyers would see it as an opportunity to buy.
Darin Newsom, senior market analyst with Barchart, says the funds set the direction of the trend the problem is they have skewed the markets to the point that the real fundamentals in agriculture don’t really matter.
Mark Schultz of Northstar Commodity, says the corn market may be running out of sellers as the funds have liquidated a big chunk of their long position. However, it is too early to call a bottom with corn harvest still underway.
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