Corn and wheat see technical buying and short covering early after getting oversold. Soybeans try to follow with 4.4 mb of export biz. Harvest pressure will keep a lid on prices. Hogs advance with higher cutouts and China hopes, with a deeper correction in cattle eyeing the Fed decision. Randy Martinson, Martinson Ag has more.
Corn and Wheat See Technical Bounce, Beans Try to Follow: Deeper Correction in Cattle Eyeing Fed Decision, Hogs Advance
Corn and wheat are oversold see technical bounce early, beans try to follow. Hogs advance with higher cutouts. A deeper correction in cattle eyeing the Fed decision. Randy Martinson, Martinson Ag has more.
September 20, 2023 09:48 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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