Corn and wheat see profit taking after the Tuesday rally. Soybeans rallied late with short covering in bean oil and still watching Brazil weather. Live cattle consolidated, with feeders up on lower corn. Hogs saw follow through selling except Dec. John Payne, Hedge Point Global Markets, has details.
Corn and Wheat Consolidate, Soybean Bounce Late: Mixed Closes in Livestock
Corn and wheat see profit taking. Soybeans rallied late with short covering in bean oil. Live cattle consolidated. Hogs saw follow through selling except Dec. John Payne, Hedge Point Global Markets, has details.
December 27, 2023 02:32 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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