Morning Ag Markets – Pete Loewen – July 10, 2018
Morning Ag Markets Pete Loewen After seeing the largest single week negotiated cash feedlot trade volume in five years last week blow prices up to $5+ gains over the previous week, it was an assumed “given” that we’d see a big rally in futures on Monday. What we learned though was it’s not safe to assume anything in the ag sector futures trade these days. Live and feeder futures were hit with triple digit losses at times, but it wasn’t unique to just the cattle. Hogs got thumped even harder to the downside and the grain and oilseed trade was under active pressure as well. Based on the selling being so widespread, I think we can attribute the weakness in cattle specifically to forces outside…