Corn and soybeans close lower trading extended weather, WASDE, exports, outside markets. Wheat supported by short covering and putting in some war premium. Cotton lower but still in its trading range, while cattle take out April highs after record cash last week. Shawn Hackett of Hackett Financial Advisors has details.
Corn, Beans, Cotton Lower on Weather, WASDE, Exports: Cattle Take Out April Highs on Record Cash
Corn, beans, cotton lower trading weather, WASDE, exports, outside markets. Wheat higher on short covering. While cattle hit new highs w/record cash. Shawn Hackett, Hackett Financial Advisors has more.
June 05, 2023 02:27 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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