AgDay TV Markets Now: Oliver Sloup, Blue Line Futures, discusses the rally in corn and if its sustainable, while cattle retreat on disappointing cash.
AgDay TV Markets Now: Oliver Sloup Discusses if the Rally in Corn is Sustainable and Why Cattle Retreated
AgDay TV Markets Now: Oliver Sloup, Blue Line Futures, discusses the rally in corn and if its sustainable, while cattle retreat on disappointing cash.
November 30, 2023 07:04 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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Corn conditions posted their steepest weekly drop of the year as triple-digit heat hit the Midwest and Plains. AgResource’s Dan Basse says as a result, slight revisions to national yield estimates are already underway.
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