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Grain and oilseed futures rallied on March 12, 2019, led by Chicago and KC wheat, with technical short-covering cited as the driver. Live cattle and feeder cattle closed lower on long liquidation, while lean hogs closed higher.
Short-covering by large speculative funds drove the grain rally, which is a technical move rather than a supply change. Feed buyers should note that cattle weakness and firmer hog futures reflect shifting demand expectations for meat and feed.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Describes a technical short-covering rally led by Chicago and KC wheat, which is the likely mechanism behind a sharp one-day jump, though the stated date (March 12) is off by a day.
