Grains see fund and technical selling with risk off macroeconomic concerns spilling over from outside markets, plus a lack of bullish news beyond a soybean sale to China. Weather also played a role especially in wheat. Cattle see a technical bounce as the market was oversold and may have digested the COF news, hogs also bounced off contract lows. Matt Bennett with AgMarket.Net has more.
Grains See Risk Off Fund Selling with Lack of Bullish News: Livestock See Oversold Technical Bounce
Grains see fund selling with risk off in outside markets, plus a lack of bullish news beyond a soybean sale to China. Cattle and hogs see an oversold technical bounce. Matt Bennett, AgMarket.Net,has more.
October 25, 2023 02:37 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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