Market Analysis
Grain markets failed against technical resistance late last week which has led to weakness to start this week’s trade. Will a holiday week and July options expiration keep play a role in price action?
Lean hogs and cattle futures prices had an impressive day on Friday, will that momentum spill over into strength to start this week’s trade?
Grain Markets failed at resistance on Friday which has led to pressure to start this week’s trade. With Markets closed on Wednesday and July options expiration on Friday, it could setup to be an interesting week!
This past week, USDA reported a soybean sale of 3.89 million bushels to China and another 4.4 million bushels to unknown destinations during the 2023/2024 marketing year.
Grain markets had a strong day yesterday but were unable to find follow-through buying in the overnight and early morning trade. Will technical support hold?
Cattle futures came out strong on Monday but failed to find any follow-through in Tuesday’s trade. Outside markets are seeing a risk on trade following a cooler CPI report. Will that act as a tailwind in today’s trade?
Grain markets were firm in the early morning trade but faded into the afternoon to settle lower, Cattle futures were strong to start the week but failed to find follow-through in today’s trade
The lack of new headlines regarding bird-flu over the weekend coupled with June futures entering delivery may have been the big reasons for Monday’s rally, with seasonal tailwinds adding an extra boost.
Corn futures are testing Friday’s high, a move out above here could be enough to spark another wave of short covering ahead of tomorrow’s WASDE report.
Weekly overview of the agricultural commodity markets compiled since 2003 by Brugler Marketing & Management of Omaha Nebraska. Not intended to be financial advice.