AgDay TV Markets Now: Chip Nellinger with Blue Reef Agri-Marketing discusses if soybeans have topped and how low corn could go after the USDA Report data.
AgDay TV Markets Now: Chip Nellinger Gives Price Projections for Corn and Beans After USDA Report Data
AgDay TV Markets Now: Chip Nellinger with Blue Reef Agri-Marketing discusses if soybeans have topped and how low corn could go after the USDA Report data.
July 12, 2023 04:45 PM
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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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Analysts Dan Basse and Chip Nellinger say $6 corn is looking likely this year. While there’s always risk as the funds post such a long position, there is another factor that could push prices past $6, and that’s tied to El Niño.
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