Grains mixed with soybeans bouncing off chart support with the help of strong new crop weekly exports and a 4.9 mb new crop sale to China. Corn and wheat continue to see technical selling and disappointing exports. Cattle started lower but quickly found support. Stock indexes and crude oil took a break yesterday, but what is the long-term outlook? Darin Newsom, Barchart has details.
Corn, Wheat Lower, Soybeans Recover Trading Weather, Export News: Cattle Start Lower and Quickly Recover
Equities and oil took a break yesterday but what is the long-term outlook. Grains mixed trading weather and export news. Cattle trying to recover after a pullback, awaiting cash. Darin Newsome Barchart, has more.
August 03, 2023 09:16 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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