Cattle struggle to extend Wed. gains awaiting confirmation of higher cash and COF, hogs bounce with better exports. Corn sees short covering off new lows but may struggle with the MX rail issue and with lower soybeans as they extract SA weather premium with improved rains. Brad Kooima, Kooima Kooima Varilek, has details.
Cattle Struggle Awaiting Cash, COF News: Corn Sees Corrective Buying Off New Lows, Soybeans Remove SA Risk Premium
Cattle struggle awaiting confirmation of higher cash and COF, hogs bounce on better exports. Corn sees short covering off new lows, soybeans extract SA wx premium. Brad Kooima, Kooima Kooima Varilek, has details.
December 21, 2023 09:22 AM
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Corn and soybeans were lower on Thursday seeing further consolidation after hitting chart resistance and with the WASDE on Friday.
Grain markets were lower on Wednesday and to start Thursday, seeing profit taking after hitting key chart resistance and with cooler, wetter extended weather forecast for the Midwest. That’s according to Randy Martinson with Martinson Ag.
Live cattle futures were lower again on Wednesday and have spent several consecutive days under the 100-day moving average. Brad Kooima with Kooima Kooima Varilek says it is looking like more than a healthy correction.
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