Corn and soybeans mixed with bull spreading, WASDE positioning, exports and weather in play. Wheat sees short covering pricing in global supply concerns. Did cattle top yesterday with the key reversals despite record cash? Hogs consolidating after the recent correction. Rich Nelson, Allendale has details.
Corn, Beans Mixed with Bull Spreading on Wx, WASDE, Exports: Cattle Consolidate Further But is it Topping Action?
Corn beans mixed w/bull spreading, WASDE positioning, exports & weather in play. Short covering in wheat w/global supply concerns. Did cattle top w/the key reversals? Hogs consolidating. Rich Nelson, Allendale.
June 08, 2023 11:38 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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