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
Related Stories
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.
Read Next
Fritz Haber found the means to both feed and kill the masses, unleashing a surreal chain of genius, suicide and Nazi atrocities, all toe-tagged to the wildest contradictions in history.
Commodity Market Futures
Futures prices on grains, livestock, oil and more
Farm Journal TV
Trusted ag insights and real stories from rural America. Start your free trial today.
Pro Farmer
Join Pro Farmer today to access trusted market intelligence and expert analysis that help you make more confident decisions.
