Corn down for the 8th day on fund selling, lower wheat and poor exports. Soybeans bounce off support with meal, export biz, holding some weather premium. Cattle stage nice recovery on rising cash bids, hogs collapse. Scott Varilek, Kooima Kooima Varilek has details.
Corn Down 8th Day, While Soybeans Bounce on Exports But Watching Weather: Cattle Post Nice Recovery, Hogs See Topping Action
Corn down on fund selling, poor exports. Soybeans hold support with meal, keeping some weather premium. Cattle have nice recovery on rising cash bids, hogs collapse. Scott Varilek, Kooima Kooima Varilek has details.
August 03, 2023 02:29 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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