Grains seeing a corrective bounce after KC wheat hit new contract lows yesterday but trading weather, export news and war headlines. Live cattle continue to correct while feeders are down with higher corn, but is the bull market over? Crude oil down hard trading geopolitical headlines. Darin Newsom, Barchart, covers it all!
Grains See a Corrective Bounce: Cattle Mixed, Geopolitical News Pressures Crude Oil
Grains seeing a corrective bounce but trading weather, export news and war headlines. Live cattle continue to correct. Crude oil pressured on geopolitical news. Darin Newsom, Barchart, has more.
October 26, 2023 09:22 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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