Row crop futures lower on profit taking and weather initially but now seeing some risk off selling and that is pulling wheat down. That has also eroded early strength in cattle and hogs. Chuck Shelby with Risk Management Commodities has more.
Corn and Beans Down on Profit Taking, Weather to Start but Risk Off in Outside Markets Now Pulling Most Commodities Lower
Corn and beans lower on profit taking & weather initially but seeing risk off selling and that’s pulling wheat down. That has also eroded early gains in livestock. Chuck Shelby, Risk Management Commodities.
April 05, 2023 09:40 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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