Funds sell in corn and wheat with poor exports, soybeans rebound following meal with a lower Argentina estimate, but are we also seeing report positioning? Cattle rebound despite lower cash, while hogs fail possibly on the Prop 12 decision. Darin Newsom with Barchart has more.
Funds Sell in Corn and Wheat, Soybeans Bounce Following Meal: Cattle Higher Despite a Soft Cash, Hogs Fail on Prop 12 News
Funds sell in corn & wheat on poor exports, soybeans bounce with meal & a cut in Argentina, but is this also report positioning? Cattle rebound despite lower cash, hogs fail on Prop 12 news? Darin Newsom, Barchart.
May 11, 2023 11:30 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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