Corn and wheat closed mostly higher with technical buying, despite the higher dollar. However, soybeans saw harvest pressure and the lower meal market a drag, along with the lack of weather issues during South American planting. Livestock closed higher with a corrective bounce but will there be any follow through buying? Michelle Rook talks to Shawn Hackett of Hackett Financial Advisors.
Grains Close Mostly Higher Except Soybeans Despite Dollar Strength: Corrective Buying in Livestock
Corn and wheat closed mostly higher on technical buying, with harvest pressure in soybeans. Livestock closed higher with a corrective bounce. Michelle Rook talks to Shawn Hackett of Hackett Financial Advisors.
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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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