Markets - General
Grains try to bounce after making near term lows Tuesday. Kent Beadle, Paradigm Futures, says markets are trading weather and positioning ahead of delivery and USDA reports.
Don Roose of U.S. Commodities says funds are selling in the grains markets due to bearish technical signals and lower seasonals, plus gearing up for bearish USDA Reports.
Grains see another bloodbath on Tuesday with new lows for the move scored across the complex. Don Roose of U.S. Commodities says funds are aggressively selling and are record short for this time of year.
Grains break to new lows on fund selling says Randy Martinson, Martinson Ag. He says the market is totally disregarding lower crop ratings and flooding in the Northwestern Corn Belt.
Shawn Hackett, Hackett Financial Advisors, says corn and beans took out the March lows and may have put in exhaustion lows. “It looks to me like the grain markets are washed out here,” he states.
Live cattle futures were able to trade to multi-month highs in yesterday’s trade as a red-hot cash trade starts to lure in more Fund participation.
Grain markets had a bullish reversal in yesterday’s trade but failed to find follow-through buying in the overnight and early morning trade. Will buyers show up at the 8:30 open again?
Shawn Hackett, Hackett Financial Advisors, says soybeans rally with corrective buying following meal, but corn and wheat end mostly lower ahead of USDA Reports.
Ag markets are mostly lower Monday except cattle and nearby soybeans. The record cash cattle trade is trumping the bearish Cattle on Feed Report, says Scott Varilek, Kooima Kooima Varilek.
Grains have been under heavy pressure for the last two weeks, but has the selloff shifted the risk/reward setups back to the buy side?