Corn higher for the 5th day with short cover, a weaker dollar and better exports, while soybeans are back below $13 with talk of China cancellations, lower bean oil and after failing to close above the 100 day MA. Cattle see a nice technical bounce with hogs firm ahead of Hogs and Pigs Report and expected contraction. Mike Minor, Professional Ag Marketing has more.
Corn Higher for 5th Day, Soybeans Below $13 on China Cancellation Talk: Cattle See Technical Bounce, With Hogs Firm Pre-Report
Corn higher with exports, soybeans below $13 on talk of China cancellations. Cattle see a technical bounce with hogs firm ahead of Hogs and Pigs Report. Mike Minor, Professional Ag Marketing has more.
September 28, 2023 11:35 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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