Soybeans end higher and back above the August lows on profit taking, along with corn which got a boost from the Mexican export biz. Markets position ahead of the USDA reports Friday but are the harvest lows in? Wheat was mixed on spreads. Cattle consolidated, digesting the COF but will the market now retest the highs? Are the macro markets preparing for a government shutdown? Alan Brugler, Brugler Marketing, covers it all!
Corn and Beans Higher on Profit Taking, Report Squaring, Export Biz: Cattle Digest the COF, as Macros Eye Govt. Shutdown
Soybeans & corn up on profit taking, report positioning and MX corn export biz, wheat mixed. Cattle consolidate, digesting the COF. Macro markets fear a govt. shutdown. Alan Brugler, Brugler Marketing, covers it all!
September 25, 2023 04:59 PM
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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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