Corn had an ugly technical day removing weather premium, but is it warranted? Soybeans bounced led by July ahead of first notice day and the quarterly stocks report. Wheat is following corn and seeing poor demand. Cattle bounced with lower corn and fund buying, hogs mixed pre-report. Rich Nelson of Allendale.
Grains End Mixed Trading Weather, Reports, End of Quarter: Cattle Supported by Lower Corn, Hogs Mixed Pre-Report
Corn had an ugly technical day removing weather premium. Soybeans bounced led by July ahead of the report. Wheat follows corn. Cattle bounced with lower corn, fund buying, hogs mixed pre-report. Rich Nelson, Allendale.
June 29, 2023 02:35 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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