Corn and wheat see a technical bounce with help from 8.3 mb of corn sold to Mexico. Soybeans make new lows for the move on harvest pressure. A government shutdown was averted which is also helping markets, especially cattle. Randy Martinson, Martinson Ag has details.
Corn and Wheat See Corrective Buying, Soybeans Lower on Harvest Pressure: Markets Calmer as Govt. Shutdown Averted, Including Cattle
Corn & wheat see a corrective bounce, while soybeans are down on harvest pressure. A government shutdown was averted which is also helping markets, especially cattle. Randy Martinson, Martinson Ag has details.
October 02, 2023 09:16 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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