Corn sees report hangover with lower wheat, soybeans pop with lower Brazil production and a record crush figure. Cattle try to hold gains watching wx. and awaiting cash, hogs look tired and concerned about hogs backing up. Vince Boddicker, Farmers Trading Company, has more.
Corn and Wheat Lower, While Soybeans Bounce on Crush & Lower Brazil Crop: Cattle Firm with Higher Beef
Corn sees report hangover with lower wheat, soybeans pop with lower Brazil crop, record crush. Cattle try to hold gains watching wx, cash, while hogs look tired. Vince Boddicker, Farmers Trading Company, has more.
January 16, 2024 01:24 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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