Grains rally midday on technical buying getting above key resistance on corn and beans and eyeing gap areas. However, weather, positioning ahead of the crop tour and geopolitical concerns are also factors. Cattle reverse and see short covering pre-COF and with higher cutouts, hogs extend gains. Jim McCormick, AgMarket.Net has more.
Grains Rally on Weather, Technical Buying Pre-Crop Tour: Cattle Rebound Pre-Report, Hogs Extend Gains
Grains up on technical buying, weather, crop tour squaring and geopolitical concerns. Cattle reverse and see short covering pre-COF and with higher cutouts, hogs extend gains. Jim McCormick, AgMarket.Net has more.
August 18, 2023 11:43 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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