After early strength in the grains on more China SRW sales, corn and soybeans are lower, wheat mixed. Technical resistance has been hit in several markets and the plunge in crude oil is also created risk off selling. More fund pressure in cattle, while hogs have traded 2-sided after news Smithfield will end contracts with 26 hog farms in Utah. Mike Zuzulo, Global Commodity Analytics, has details.
Grains See Technical and Risk Off Selling as Crude Oil Plunges: More Fund Selling in Cattle with Weak Cash, Hogs 2-Sided
Corn & soybeans are lower, wheat mixed as many markets hit technical resistance & follow lower crude oil. More fund pressure in cattle, while hogs are 2-sided. Mike Zuzulo, Global Commodity Analytics, has details.
December 06, 2023 11:48 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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