Corn and wheat see corrective buying. Soybean slide with improved Brazil weather despite lower estimates. Cattle consolidated with caution ahead of the COF report, despite some higher Northern cash trade. Hogs saw bull spreading with strong weekly exports, awaiting the Hogs and Pigs data. Jeff Hoogendoorn, with Professional Ag Marketing, has details.
Corn and Wheat Bounce, While Brazil Rain Sinks Soybeans: Cattle Cautious Pre-COF
Corn & wheat see corrective buying. Soybean slide on Brazil rain. Cattle consolidate pre-COF, despite better cash. Hogs saw bull spreading on strong exports. Jeff Hoogendoorn, Professional Ag Marketing, has details.
December 21, 2023 02:56 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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