Corn and wheat lower on technical selling, harvest pressure in corn, the higher dollar, plus South American weather, soybeans see light short covering. Cattle open higher after an ugly technical day Monday but fail to hold gains. Hogs mixed but holding contract lows. John Heinberg, Total Farm Marketing, has more.
Corn and Wheat Slide on Technical Selling, SA Weather, Slight Bounce in Beans: Cattle Try to Recover After Monday’s Chart Damage
Corn & wheat lower on technical selling, harvest pressure, plus SA weather, soybeans see short covering. Cattle open higher but struggle to hold gains. Hogs mixed. John Heinberg, Total Farm Marketing, has more.
October 24, 2023 09:17 AM
Related Stories
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.
Read Next
A year after StoneX’s survey shocked the market, two StoneX economists sit down for an exclusive interview, saying this year’s numbers tell a very different story about what will drive prices.
Commodity Market Futures
Futures prices on grains, livestock, oil and more
Farm Journal TV
Trusted ag insights and real stories from rural America. Start your free trial today.
Pro Farmer
Join Pro Farmer today to access trusted market intelligence and expert analysis that help you make more confident decisions.
