Corn ends higher, soybeans lower with profit taking and correcting spreads and the corn/bean ratio, plus determining the balance sheets ahead of the WASDE. Wheat is a follower. Cattle consolidate and confirm reversals with steady to $1 lower cash in the south at $178, but is this a normal seasonal correction? Hogs also see spread unwinding after pushing nearbys to new highs for the move on strong cash and cutouts. Dave Chatterton, Strategic Farm Marketing has more.
Corn Higher, Soybeans Lower on Profit Taking, Correcting Spreads and Corn/Bean Ratio: Cattle and Hogs Consolidate
Corn up, soybeans down w/profit taking, correcting spreads & corn/bean ratio, pre-WASDE squaring. Wheat’s a follower. Cattle fall w/steady-$1 lower cash. Hogs consolidate. Dave Chatterton, Strategic Farm Marketing.
July 06, 2023 02:19 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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