Corn and wheat ended lower with profit taking, even after news the Black Sea Grain Deal is done. Soybeans were supported by weather and higher meal and talk of China biz. Live cattle consolidated under contract highs awaiting cash and reports, with feeders supported by weaker corn. Hogs mostly lower with a sense the cash market top is near. Brian Grete with Pro Farmer has details.
Corn and Wheat See Profit Taking After News Grain Deal Done, Soybeans Supported by Meal, Weather: Livestock End Mixed
Corn and wheat lower on profit-taking, despite news the grain deal is done. Soybean higher w/meal, wx concerns. Live cattle consolidate off contract highs awaiting cash, hogs sense a cash top. Brian Grete, Pro Farmer.
July 17, 2023 06:33 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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