Corn hits new contract lows as USDA shocks the market with record yields and production. Soybeans also lower with higher yields, plus the cut in Brazil production was disappointing. Lower winter wheat acres and ending stocks failed to hold the market with low row crops. Live cattle saw pressure from weaker cash, while profit taking hit hogs and crude oil. John Heinberg, Total Farm Marketing, has details.
Grains End Lower After USDA Yield Shock. So How Much Lower Will Prices Fall? Cattle Trade Weaker Cash
Corn & soybeans tank on higher yields & production, with wheat following despite lower seedings & ending stocks. Live cattle followed lower cash, hogs consolidate. John Heinberg, Total Farm Marketing, has details.
January 12, 2024 02:48 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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