Grains end lower in reaction to a bearish WASDE Report and fading big soybean export sales. Corn took out the September lows so how low will the market go? And can soybeans stay down with SA weather issues? Cattle see massive fund liquidation amid lower cash at $180-mostly $181 in the south down $4, and Northern trade $181/$287 down $5. While hogs end mixed. Don Roose, U.S. Commodities, has details.
Grains Lower on Bearish Report and Fade Big Soybean Export Sales: Cattle Melt on Fund Selling, Lower Cash
Grains lower after a bearish WASDE Report, fading big soybean export sales but still respecting SA weather. Cattle see massive fund liquidation amid lower cash, hogs mixed. Don Roose, U.S. Commodities, has details.
November 09, 2023 03:01 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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