Corn, soybeans and cotton under pressure with rising COVID cases in China, lower crude oil and the higher dollar. Wheat saw a technical bounce. Live cattle end lower except December with ideas of higher cash offset by technical selling and lower cutouts. Hogs got a boost from China export hopes. Michelle Rook gets insight from Darren Frye Water Street Solutions.
Corn, Soybeans Lower with COVID Cases in China, Lower CO, Wheat Sees Technical Bounce: More Technical Selling in Live Cattle
Corn, soybeans lower w/rising COVID cases in China, lower CO and a strong dollar. Wheat sees a technical bounce. Live cattle lower on technical selling. Michelle Rook w/ Darren Frye Water Street Solutions.
November 15, 2022 06:40 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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