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Grains are mostly lower except a few wheat contract early Wednesday after hitting chart resistance and seeing a pick up in farmer selling trim gains. Darin Newsom, Senior Market Analyst for Barchart, says the grains continue to be resiliant as funds are exiting shorts and taking their profits to other markets including the stock market and the softs. There has been some buying as well tied to China's economic stimulus move. However, he doesn't think investment money has a reason to be long the grain markets yet. That may change as the futures add some weather premium tied to Brazil's drought and possible harvest delays and damage to U.S. crops from Hurricane Helene. Cattle and hogs are seeing two-sided trade but are well supported and moving with the stock market and possible meat demand.
See omnystudio.com/listener for privacy information.
By Michelle RookGrains are mostly lower except a few wheat contract early Wednesday after hitting chart resistance and seeing a pick up in farmer selling trim gains. Darin Newsom, Senior Market Analyst for Barchart, says the grains continue to be resiliant as funds are exiting shorts and taking their profits to other markets including the stock market and the softs. There has been some buying as well tied to China's economic stimulus move. However, he doesn't think investment money has a reason to be long the grain markets yet. That may change as the futures add some weather premium tied to Brazil's drought and possible harvest delays and damage to U.S. crops from Hurricane Helene. Cattle and hogs are seeing two-sided trade but are well supported and moving with the stock market and possible meat demand.
See omnystudio.com/listener for privacy information.

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