Grains bounce on technical buying with Thursday’s selloff overdone and outside and energy markets rebounding. So, will diesel fuel retest the 2022 highs? Plus, cattle recover with cash steady to $1 but how long will funds defend their long position? Darin Newsom, Sr. Market Analyst with Barchart shares insights.
Grains See Technical Bounce as Outside and Energy Markets Recover: Cattle Rebound on Steady to Higher Cash
Grains bounce on technical buying with Thursday’s selloff overdone and outside and energy markets rebounding. Plus, cattle recover with cash steady to $1. Darin Newsom, Sr. Market Analyst with Barchart shares insights.
September 22, 2023 09:27 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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