Grains mixed with corn and wheat seeing more technical selling with the higher dollar, while soybeans are seeing a technical bounce, despite the continued sharp selloff in soybean oil. Live cattle see early pressure despite steady to higher cash, profit talking in hogs. Michelle Rook has analysis.
Grain and Livestock Futures Mixed Early: More Technical Selling in Corn and Wheat, Soybeans Bounce
Corn and wheat see more technical selling w/a higher dollar. Technical bounce in beans, despite the continued selloff in BO. Live cattle see early pressure despite steady to higher cash, profit talking in hogs.
December 02, 2022 08:54 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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