Ag markets rebound and see corrective buying after the commodity wide selloff Wednesday. Cattle still trying to bottom and await larger cash trends which so far have been soft but the DOW hits record highs which should be positive for consumer demand. Grains get help from decent weekly exports and a big soybean sale to unknown and the lower dollar. Scott Varilek, Kooima Kooima Varilek, has more.
Ag Markets See Corrective Buying After Wednesday Selloff: Exports, Lower Dollar Supportive
Ag markets rebound, see corrective buying after the commodity wide selloff Wed. Cattle still trying to bottom and await larger cash trends which so far have been soft. Scott Varilek, Kooima Kooima Varilek, has more.
December 14, 2023 09:20 AM
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Joe Kooima of Kooima Kooima Varilek says the gap lower opening in cattle futures Monday in response to the border reopening to Mexican imports was volatile. They anticipate more to come to price in the news, even after a $25 to $30 break in the futures recently.
Brian Grete with Commstock Investments says, “We’ve seen China come in and be a fairly active buyer over the past several weeks here of new crop U.S. soybeans. There was more talk of that on Friday. And so that gave us some price support.”
Scott Varilek with Kooima Kooima Varilek says the live cattle futures made new lows for the move Thursday before finding support and putting in key reversals.
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