Grain and cattle markets mostly lower with risk off selling tied to the jobs data which sent the dollar higher. Grains could post higher weekly closes and corn and wheat are finding some good end user demand as prices are competitive. Meanwhile, soybean and cattle charts look tough. Kevin Duling, KD Investors, explains.
Grains and Cattle Lower as Jobs Data Hits Outside Markets: Corn and Wheat Prices Competitive, Stimulate Demand
Grain and cattle lower with risk off selling tied to the jobs data. Corn and wheat are seeing supportive end user demand. Meanwhile soybean and cattle charts look tough. Kevin Duling, KD Investors, explains.
October 06, 2023 09:29 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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