Wheat futures continued their rally in today’s trade while cattle futures continued to sell off.
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| … coming to us from chicago, illinois. Oliver, thanks for being what i want. what’s what’s top of mind? >> well, i think the wheat after just been beaten to death for several months in a row of spina lee showing some signs of life, their game streak of games for quite some time now and now reaching some levels that we haven’t seen since august. the top in the range from august was near 6.70. so that’s kind of the next barrier. they were keeping a close eye on. but today’s price action was really constructive. we saw a dip lower this morning. looks like it was going to pull back off of overbought territory. but buyer stepped in. and when you see buyer step in on a little pullback like that, and it’s encouraging for higher price action that some of this could just be some short covering ahead of tomorrow’s report and into the year. and so i wouldn’t be surprised to see that continue here. and over the next several weeks, especially if we continue to see china step up and show up and some of those flash sale reports and of wheat is able to work higher. i think that really benefits the corn market as well where there’s not really a whole lot good news in the corn market on its own. but if we keep sir alan, i would imagine that drags corn higher with it. >> yeah, i mean, we’ve got to i think i agree. i mean, you mentioned about short covering. i think maybe we’ve got the look smaller, maybe funds that don’t have as much staying power. and we covered some of the shorts and at the same time, the 10 year yield up. the last time i checked about 15, 20 minutes goes on for 11. so that’s got the dollar lot cheaper. that might be helping out to. so on days like this, that all means a little whiff of something that kind of take off. but right there, we need to go ever going to pay a pace of those were come back at our forecast. >> all of us over to talk about livestock. we’ll be right back after this. …well, i i kind of wish we didn’t have to talk at the cattle market every single day. and that’s i mean, generally the sign that we’re probably near low is what i’m tired of looking at it. but it’s interesting to note looking at the sea vale and exit, the cme puts out, which is a measure of volatility that is highest levels. and in over 2 years and historically, when we see volatility rise, it’s usually a pop and a quick drop. but we’ve seen as volatility linger at multi-year highs are sometimes which indicates a still a lot of uncertainty out there. and we’re talking about uncertainty. we’re also looking at sentiment looking at a few different indicators. we’re seeing the bullish sentiment at the lowest level since the start of covid. so these are generally some signs that we could be closer to a bottom. that’s when everyone kind of throws in the towel. we can do that. i don’t know that we’ve gotten there yet. i thought we have a few times but have been proven goes back to that old saying the bottom is a process, not necessarily a point. >> to your point, you know, we used to like, you know, you want to get long about the time the once again short, right? so you’ve got to when it gets out there in the and we’ll see. but i agree with you on that settlement, broadway and where it’s it’s going to see a change, too, because >> and there hasn’t been a lot of joy there. all i got around the rail on the rap. thank you very much for being on. >> oliver, slow blunt futures. have a great bring it back here in nashville, man of a covert. you think you so much, scott? >> well, having access to proper health care, it is a big … |
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