Grains higher led by soybeans with SA crop concerns and resulting export biz. Corn bounces off 2-year lows. Cattle and hogs see profit taking despite some higher cash cattle trade. John Payne, Hedge Point Global Markets, has more.
Grains Up Led by Soybeans on SA Crop Concerns, Export Biz: Livestock See Profit Taking, Despite Better Cash Cattle News
Grains up led by beans on SA crop concerns & resulting export biz. Corn bounces off 2-year lows. Cattle & hogs see profit taking despite some higher cash cattle trade. John Payne, Hedge Point Global Markets, has more.
November 03, 2023 11:59 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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