Soybeans lower, corn 2-sided and wheat mixed with end of the month and pre-holiday profit taking and positioning the main driver, although exports were poor except new crop soybeans. What will it take to keep soybeans above $14 and get corn back above $5. Cattle and hogs have traded 2-sided as well, while cattle also await cash direction. DuWayne Bosse, Bolt Marketing, has more.
Grains Mostly Lower on Month End and Holiday Positioning: Livestock 2-Sided
Soybeans lower, corn 2-sided and wheat mixed with month end, pre-holiday profit taking and positioning. Cattle and hogs have traded 2-sided on month end squaring too. DuWayne Bosse, Bolt Marketing, has more.
August 31, 2023 12:07 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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