Corn Hits New Contract Lows, Soybeans, Wheat and Hogs Also Slide Lower: Cattle Bounce

Grains lower on technical selling with the lack of positive news. Corn scores new contract lows, soybeans still eye Brazil rain chances. Cattle sees fund buying with lower corn. Garrett Toay, AgTraderTalk, has more.

Grains all lower with corn making new contract lows on technical selling and lack of positive news, soybeans still eye Brazil rain chances. Cattle sees fund buying with lower corn but is into chart resistance, hogs wait for cash to bottom. Garrett Toay, AgTraderTalk, has analysis.

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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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