Corn takes out support with harvest pressure, soybeans higher with talk of China biz and wheat sees corrective buying. Grains all higher for the month but harvest prices for crop insurance are lower than last year. Cattle higher but into chart resistance. Randy Martinson, Martinson Ag, has details.
Corn Sees Harvest Pressure, Soybean up on Talk of China Biz, Wheat Sees Corrective Buying: Cattle Into Resistance
Corn takes out support with harvest pressure, soybeans higher with talk of China biz and wheat sees corrective buying. Cattle higher but into chart resistance. Randy Martinson, Martinson Ag, has details.
November 01, 2023 11:46 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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