Corn and beans lower on profit taking and an improved August forecast. Old crop soybeans made new contract highs early then sold off scoring a key reversal. Wheat mixed waiting for fresh war news but spring wheat supported by lower yield on the Wheat Quality Council Tour. Live cattle further consolidate waiting for cash direction. Hogs mostly lower so is the seasonal rally over? Rich Nelson, Allendale has more.
Corn and Beans Lower on Profit Taking & Weather, Wheat Mixed: Live Cattle and Hogs Consolidate
Corn & beans lower on profit taking & improved weather. Wheat mixed awaiting fresh war news. Live cattle consolidate ahead of cash. Hogs mostly lower so is the seasonal rally over? Rich Nelson, Allendale has more.
July 28, 2023 08:20 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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