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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Scott Varilek with Kooima Kooima Varilek says the live cattle were overbought after rallying $21 off the lows.
Sam Hudson of Cornbelt Marketing says soybeans bounced as harvest pressure is subsiding and that should allow a bottom to be forged, especially with China buying.
Mark Schultz of North Star Commodity says the grain markets are oversold and due for a correction.
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