Live cattle mixed to higher with end of month positioning and awaiting cash direction, but charts look bearish. Hogs mixed but is the correction over? Corn and beans slightly higher with light short covering, higher meal and crude oil, plus a soybean sale to Mexico. Wheat sees more technical selling with winter wheat ratings well above last year. Brad Kooima, Kooima Kooima Varilek, has more.
Cattle Mixed to Higher Amid Bearish Charts, Awaiting Cash. Are Hogs Done Correcting? Row Crops See Corrective Buying with Mexico Biz
Live cattle mixed to higher EOM, awaiting cash, but charts look bearish. Hogs mixed but is the correction over? Row crops firmer on short covering, higher crude oil. Brad Kooima, Kooima Kooima Varilek, has more.
October 31, 2023 09:29 AM
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Oliver Sloup Blue Line Futures, says wheat prices skyrocketed adding risk premium on concerns about the escalating Black Sea war and the disruptions it is causing in the export market. It could have more upside left.
Wheat futures were up 30 to 35 cents early Wednesday adding risk premium as Russia and Ukraine attacks have escalated says Jamie Gieseke with Paradigm Futures.
Rich Nelson, chief strategist for Allendale says row crops are pausing right now until the weather story is really decided, while wheat is concerned about rising tensions in the Black Sea region.
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