Corn up for the fifth day on short covering heading into the reports and the lower dollar. Soybeans close back above $13 but struggle due to slow exports and Brazil competition. KC and MN wheat make new lows. Cattle see a technical bounce along with stock market recovery, while hogs rally into the report. Rich Nelson, Allendale has analysis.
Corn Sees Pre-Report Short Covering, Beans Slide on Slow Exports: Cattle Bounce with Equities, Hogs Rally into Report
Corn up on pre-report short covering, beans slide on slow exports. KC and MN wheat make new lows. Cattle see a technical bounce with equities, while hogs rally pre-report. Rich Nelson, Allendale has analysis.
September 28, 2023 03:22 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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