Corn and soybeans continue lower ahead of the USDA report and profit taking in beans with a drop in bean oil. Wheat trying to bounce with lower crop ratings in Kansas. Cattle consolidate after new highs, awaiting cash direction and watching the stock market. Hogs lack support. Scott Varilek of Kooima Kooima Varilek has details.
Corn and Beans Lower with Report Positioning, Lower Bean Oil: Live Cattle Consolidate Awaiting Cash, Hogs Lack Support
Corn and soybeans lower on report positioning, profit taking in beans with lower BO. Cattle consolidate after new highs, lower DOW, await cash. Hogs lack support. Scott Varilek of Kooima Kooima Varilek.
March 07, 2023 11:38 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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