Corn and wheat rebound on corrective buying, but soybeans and meal still lower with Brazil rain chances. Cattle and hogs both see more fund selling with higher weights, lower cash. Vince Boddicker, Farmers Trading Company, has more.
Corn and Wheat Recover with Soybeans Down on Brazil Rain Chances: Livestock Fall with Lower Cash, Technical Selling
Corn and wheat rebound on corrective buying, but soybeans and meal still lower with Brazil rain chances. Cattle see more fund selling w/lower cash and hogs follow. Vince Boddicker, Farmers Trading Company, has more.
December 01, 2023 11:38 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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