Corn and new crop soybeans end higher putting in weather premium but talk of yield loss is premature. Wheat ends mixed, so what’s driving the market? Cattle recover and could retest highs with more record cash prices. Hogs build on the recent rally. While outside markets await Fed announcement. Arlan Suderman with StoneX has more.
Arlan Suderman Says Corn, Beans Rally on Weather But Yield Loss Premature: Cattle Recover and Could Retest Highs if Cash Hits New Records
New crop corn and beans up on weather but Arlan Suderman, StoneX says yield loss talk is premature. Wheat ends mixed. Cattle could retest highs with more record cash and hogs build on the higher weekly closes.
June 12, 2023 02:29 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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