Cattle 2-sided, still consolidating but hitting chart resistance. Hogs are still holding gains for the 5th day but are also at resistance areas on the charts. Soybeans follow meal with Mexican export biz and corn follows. Both are seeing corrective buying, watching SA weather and planting progress. Jeff Hoogendoorn, Professional Ag Marketing, has details.
Cattle 2-Sided Hitting Chart Resistance, Hogs Hold Gains: Row Crops See Corrective Buying & Follow Meal, CO
Cattle 2-sided still consolidating but hit chart resistance. Hogs holding gains for 5th day. Soybeans follow meal with export biz and corn follows. Jeff Hoogendoorn, Professional Ag Marketing, has details.
October 31, 2023 12:23 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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