Corn and soybeans lower with fund selling on poor exports and removing Brazil weather premium, wheat was higher on short covering. Cattle set back with softer cash, while hogs bounced as the LHI is bottoming. Darren Frye, Water Street Solutions, has more.
Corn and Beans Slide into New Lows, Cattle Consolidate, but Wheat and Hogs Bounce
Corn and soybeans lower on fund selling w/poor exports & removing Brazil wx premium, wheat up on short covering. Cattle set back with softer cash, while hogs bounced. Darren Frye, Water Street Solutions, has more.
January 05, 2024 02:52 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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