Corn higher on more China business and strong weekly exports. Soybeans seeing more fund selling with slow exports. Cattle trade 2-sided but disappointing with higher cash trade in the north yesterday at $165-$167, with south at $163. Hogs make new lows for the move. Scott Varilek of Kooima Kooima Varilek has details.
Cattle Disappoint with Higher Northern Cash: Corn up on Export Biz, Soybeans and Hogs See More Fund Selling
Corn higher on China biz, strong weekly exports. Funds selling in soybeans. Cattle trade 2-sided but disappointing w/higher northern cash at $165-$167. Hogs make new lows. Scott Varilek, Kooima Kooima Varilek.
March 23, 2023 09:58 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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