Corn and wheat see technical selling ahead of WASDE and with lack of war news. Soybeans start strong with China export biz but rains pull prices off highs. Cattle recover with product strength, hogs follow the lower cash index. Dave Chatterton, Strategic Farm Marketing has more.
Corn and Wheat See Pre-Report Selling, Rain Trims Soybean Gains from China Biz: Higher Product, Cash Ideas Push Cattle
Corn & wheat see pre-report fund selling. Soybeans trim gains from China export biz as rain falls. Cattle recover w/product strength, hogs follow a lower cash index. Dave Chatterton, Strategic Farm Marketing has more.
August 09, 2023 05:41 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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