Soybean make new lows for the move with more fund selling, lower products and poor exports. That has pulled down corn and CH wheat. Cattle and hogs continue to struggle to recover despite higher cash cattle trade in the north. When will they bottom? John Payne of Hedge Point Global Markets has the update.
Funds Sell in Soy Complex Pulling Down Corn: Livestock Struggle to Hold Gains, When Will They Bottom?
Soybean make new lows for the move with more fund selling and lower products, that’s pulled down corn and CH wheat. Cattle and hogs continue to struggle to recover. John Payne, Hedge Point Global Markets has more.
March 23, 2023 12:21 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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