Corn and wheat held gains on corrective buying, but soybeans couldn’t stay above $15 with a pickup in farmer selling and improved weather in Argentina. Live cattle saw some light fund buying, with feeders mixed. Hogs still can’t find a bottom with rising slaughter numbers and soft cash. Brian Grete with Pro Farmer has analysis.
Corn and Wheat See Corrective Buying, but Soybeans Fade Early Gains: Livestock Mixed and Two-Sided
Corn and wheat saw corrective buying, but soybeans couldn’t stay above $15 with farmer selling and improved weather in Argentina. LC saw fund buying, while hogs were lower. Brian Grete, Pro Farmer has details.
January 24, 2023 02:05 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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