Corn and soybeans lost early gains on technical selling and bearish outside markets, despite decent export news. Wheat saw short covering but held gains even though news on Ukraine shutting the export corridor was refuted. Cattle saw more fund liquidation on the plunge in equities, with follow through short covering in hogs. Garrett Toay, AgTraderTalk, has details.
Corn and Beans Lower on Risk Off Technical Selling, Wheat Holds Gains: Funds Still Liquidating in Cattle
Corn and soybeans lost early gains on technical selling and bearish outside markets. Wheat saw short covering. Cattle saw more fund liquidation, with more short covering in hogs. Garrett Toay, AgTraderTalk, has more.
October 26, 2023 04:12 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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