Corn and wheat lower with technical selling, slow demand and easing global supply issues. Soybeans bounce off support with better export news and higher meal. Cattle trying to recover awaiting cash, while hogs see more profit taking and topping action. Vince Boddicker, Farmers Trading Company, has details.
Corn and Wheat Lower with Fund Selling, Slow Exports, While Soybeans Recover with Meal: Cattle Bounce off Support, Hogs Topping
Corn & wheat down on fund selling, slow demand. Soybeans bounce with better export news, higher meal. Cattle trying to recover awaiting cash, hogs topping. Vince Boddicker, Farmers Trading Company, has details.
August 03, 2023 11:29 AM
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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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