Grains lower on profit taking and removing weather premium with better extended forecasts, plus a lack of fresh war news. Soybeans are fading the 33.4 mb of export biz. Cattle mixed with lower feed prices and a rebound in equities, awaiting cash. Allison Thompson with The Money Farm has details.
Grains See Profit Taking on Extended Forecasts, Soybeans Fade Export Biz: Cattle Mixed with Lower Feed Prices, Await Cash
Grains see profit taking with better extended forecasts, plus a lack of fresh war news. Soybeans fade 33.4 mb of export biz. Livestock higher with lower feed prices. Allison Thompson with The Money Farm has details.
July 28, 2023 09:25 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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