Corn and wheat see pressure on weather, report positioning and Black Sea headline fatigue, while soybeans are supported by meal and record China imports provide hope for business. Cattle and hogs see profit taking. That’s after cattle saw record cash in NE at $190/$300. Allison Thompson of The Money Farm has details.
Corn, Wheat Down on Weather, Report Positioning, Soybeans Follow Meal Higher: Cattle See Profit Taking After $190/$300 Cash
Corn & wheat see pressure on weather, report positioning, soybeans supported by meal and China hopes. Cattle and hogs see profit taking, even after record cash in NE at $190/$300. Allison Thompson, The Money Farm.
June 07, 2023 11:25 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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