Corn and wheat see corrective buying with strong exports and easing of liquidation on first notice day. End of month profit taking hit the soybean complex with an eye on Brazil wx. Cattle fall with lower cash but end off lows, hogs mostly higher. Oliver Sloup, Blue Line Futures, has details.
Corn and Wheat Up on Exports and Corrective Gains, Soybeans Slide: Cattle Retreat with Lower Cash, Hogs Extend Gains
Corn and wheat see corrective buying with strong exports. Profit taking hit the soybean complex with an eye on Brazil wx. Cattle fall with lower cash, hogs mostly higher. Oliver Sloup, Blue Line Futures, has more.
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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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