Grains mostly lower on profit taking after corn, beans and meal hit chart resistance. Plus, there’s rain chances in Brazil and spillover from bearish outside markets like crude oil and the dollar. Cattle up for the third day but can it last into the COF? Darin Newsom, Barchart, has details.
Grains Lower on Profit Taking, Bearish Outside Markets Including Crude Oil: Cattle See Third Day Up
Grains lower on profit taking after hitting chart resistance, plus bearish outside markets like crude oil and the dollar. Cattle up for the third day but can it last into the COF? Darin Newsom, Barchart, has details.
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Arlan Suderman of StoneX says corn and soybean charts have seen damage which triggers algorithmic selling and the end users are content to let the market come to them.
Craig Turner of StoneX says a close in corn below $4.70 would be negative for the market and open the door to further fund liquidation even though corn is oversold.
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.
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