Corn makes new lows and then bounces but is there more downside risk? Soybeans do technical damage with fund liquidation and wheat also slides. Cattle end lower after making new highs this week on profit taking, hedge pressure and positioning ahead of the Fed meeting. Hogs bounce but are still in a sideways chart pattern. Oliver Sloup, Blue Line Futures has details.
Corn Recovers Off News Lows, Soybeans See Fund Liquidation: Live Cattle Make News Highs Then Retreat
Grains end mixed with corn bouncing after new lows but soybeans do technical damage. Cattle lower on profit taking after contract highs. Hogs bounce but are rangebound. Oliver Sloup, Blue Line Futures has more.
September 19, 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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