A risk off day in outside markets including a higher dollar, has triggered fund selling in the ag markets, Weekly grain exports were also disappointing. Nov soybeans have taken out the 100-day MA. Cattle and hogs are also seeing profit taking after the higher day Thursday with cattle waiting for more cash news and the Cattle on Feed Report. Tomm Pfitzenmaier, Summit Commodity Brokerage, has more.
Grain and Livestock Fall with a Risk Off Day in Outside Markets: Soybeans Take Out Key Support
A risk off day in outside markets has funds selling in the ag markets, plus weekly exports were poor. Livestock see profit taking, as cattle await cash. Tomm Pfitzenmaier, Summit Commodity Brokerage, has more.
September 21, 2023 09:21 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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