Commodity Wide Sell-off in Ags with “Risk Off” in Outside Markets and Argentina Rains: Did Soybeans do Technical Damage?

Grain and livestock futures saw a commodity wide selloff with the “risk off” in outside markets like crude oil and the higher dollar. But did we do technical damage? Bill Biedermann of AgMarket.Net has the answer.

Grain and livestock futures saw a commodity wide selloff on Tuesday tied to the “risk off” in outside markets like crude oil and the higher dollar. However, weekend rains in Argentina also weighed on soybeans. But did soybean do technical damage closing under $15? Bill Biedermann of AgMarket.Net has the answer.

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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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